Julius Baer Multistock Société d'investissement à Capital Variable Annual Report as at 30 June 2013 (audited) Subscriptions are carried out solely on the basis of the current prospectus or the key investor information, in conjunction with the latest annual report and the latest semi-annual report if published thereafter. The articles of association, the valid prospectus and the key investor information, the annual and semi-annual reports, as well as the information based on the SFA guidelines on transparency with regard to management fees, may be obtained free of charge from the representative in Switzerland and/or from the respective paying agent. In case of differences between the German version and the translation, the German version shall be the authentic text. AN INVESTMENT FUND DOMICILED IN LUXEMBOURG Representative in Switzerland: Swiss & Global Asset Management AG, Hardstraße 201, P.O. Box, CH - 8037 Zurich Paying agent in Switzerland: Bank Julius Bär & Co. AG, Bahnhofstraße 36, P.O. Box, CH - 8010 Zurich Paying agent in Germany: DekaBank Deutsche Girozentrale, Hahnstraße 55, D - 60528 Frankfurt / Main Information agent in Germany: Swiss & Global Asset Management Kapital AG, Taunusanlage 15, D - 60325 Frankfurt / Main Paying agent in Austria: Erste Bank der oesterreichischen Sparkassen AG, Graben 21, A - 1010 Vienna Representative and paying agent in Liechtenstein: LGT Bank in Liechtenstein AG, Herrengasse 12, FL - 9490 Vaduz Trade and Companies Register number: R.C.S. Luxembourg B-32188
Contents Page Organisation and Management 4 Information on risk management (unaudited) 6 Audit Report 8 Notes to the Annual Report 11 Additional Information for Swiss Shareholders (unaudited) 23 Julius Baer Multistock (Umbrella fund) Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND Julius Baer Multistock - AFRICA OPPORTUNITIES FUND Julius Baer Multistock - AGRICULTURE FUND Julius Baer Multistock - ASIA STOCK FUND Julius Baer Multistock - BIOTECH FUND Julius Baer Multistock - BLACK SEA FUND Julius Baer Multistock - CENTRAL OPE STOCK FUND Julius Baer Multistock - CHINDONESIA FUND Julius Baer Multistock - ENERGY TRANSITION FUND Julius Baer Multistock - O LARGE CAP STOCK FUND Julius Baer Multistock - OLAND VALUE STOCK FUND Julius Baer Multistock - OPE SELECTION FUND Julius Baer Multistock - OPE SMALL & MID CAP STOCK FUND Julius Baer Multistock - OPE STOCK FUND Julius Baer Multistock - GERMAN VALUE STOCK FUND Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL SELECTION FUND) Julius Baer Multistock - GLOBAL EQUITY INCOME FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL STOCK FUND) Julius Baer Multistock - HEALTH OPPORTUNITIES FUND Julius Baer Multistock - INFRASTRUCTURE FUND Julius Baer Multistock - JAPAN STOCK FUND MS AREE AOF AGF ASF BTF BSF CESF CHI ETF ELCSF EUSF EGSF ESSF ESF GVSF GESF GSL GSF HOF INFU JSF 2
Contents Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE Julius Baer Multistock - LUXURY BRANDS FUND Julius Baer Multistock - NATURAL RESOURCES FUND Julius Baer Multistock - NORTHERN AFRICA FUND Julius Baer Multistock - RUSSIA FUND Julius Baer Multistock - SWISS SMALL & MID CAP STOCK FUND Julius Baer Multistock - SWISS STOCK FUND Julius Baer Multistock - US LEADING STOCK FUND Julius Baer Multistock - US VALUE STOCK FUND GCSF LBF NRF NAF RUF SSSF SSF ULSF UVSF Addresses 3
Organisation and Management The Company has its registered office at 69, Route d'esch L - 1470 Luxembourg Board of Directors of the Company Chairman: Martin Jufer Member of the Group Management Board, GAM Group Head of Operations Swiss & Global Asset Management Zurich, Switzerland Members: Me Freddy Brausch Partner Linklaters LLP Luxembourg, Grand Duchy of Luxembourg Andrew Hanges Member of the Group Management Board, GAM Group Head of Operations GAM and Region Head UK GAM (UK) Ltd. London, United Kingdom Jean-Michel Loehr Independent Director Luxembourg, Grand Duchy of Luxembourg Dr. Thomas von Ballmoos Managing Director Head of Legal & Compliance Swiss & Global Asset Management AG Zurich, Switzerland Management Company Swiss & Global Asset Management (Luxembourg) S.A. 25, Grand-Rue L - 1661 Luxembourg Board of Directors of the Management Company Chairman: Martin Jufer Member of the Group Management Board, GAM Group Head of Operations Swiss & Global Asset Management Zurich, Switzerland Members: Andrew Hanges Member of the Group Management Board, GAM Group Head of Operations GAM and Region Head UK GAM (UK) Ltd. London, United Kingdom Yvon Lauret Independent Director Luxembourg, Grand Duchy of Luxembourg Michel Malpas Independent Director Luxembourg, Grand Duchy of Luxembourg Michele Porro Member of the Group Management Board, GAM Group Head of Distribution and Region Head Switzerland Swiss & Global Asset Management Zurich, Switzerland Managing Directors of the Management Company Ewald Hamlescher Managing Director Swiss & Global Asset Management (Luxembourg) S.A. Luxembourg, Grand Duchy of Luxembourg Steve Kieffer Managing Director Swiss & Global Asset Management (Luxembourg) S.A. Luxembourg, Grand Duchy of Luxembourg Investment Manager For the Julius Baer Multistock - INFRASTRUCTURE FUND: Macquarie Capital Investment Management (Australia) Limited Level 7, No. 1 Martin Place 2000 Sydney, Australia For the Julius Baer Multistock - NATURAL RESOURCES FUND (until 31 March 2013) and the Julius Baer Multistock - AGRICULTURE FUND: Wellington Management Company, LLP 75 State Street Boston, Massachusetts 02109, USA For the Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE: Bank Julius Bär & Co. AG Bahnhofstraße 36 P.O. Box CH - 8010 Zurich For the Julius Baer Multistock - US LEADING STOCK FUND: Sarofim International Management Company Two Houston Center Suite 2907 909 Fannin St. Houston, Texas 77070, USA For all other sub-funds (also for the Julius Baer Multistock - NATURAL RESOURCES FUND from 1 April 2013): Swiss & Global Asset Management AG Hardstraße 201 P.O. Box CH - 8037 Zurich The investment managers may hire investment advisers to assist them in managing individual sub-funds. 4
Organisation and Management Advisory company Swiss & Global Advisory S.A. 25, Grand-Rue L - 1661 Luxembourg Custodian, Administrator, Principal Paying Agent and Domiciliary Agent, Registrar and Transfer Agent RBC Investor Services Bank S.A. (until 27 July 2012: RBC Dexia Investor Services Bank S.A.) 14, Porte de France L - 4360 Esch-sur-Alzette (until 28 July 2013) State Street Bank Luxembourg S.A. 49, Avenue J.F. Kennedy L-1855 Luxembourg (since 29 July 2013) Distributors The Company and/or the Management Company has appointed and may appoint further distributors authorised to sell the shares in one or more jurisdictions. Auditor PricewaterhouseCoopers, Société coopérative 400, Route d'esch L - 1471 Luxembourg Legal Adviser Linklaters LLP 35, Avenue John F. Kennedy L - 1855 Luxembourg Local Representatives Switzerland: Swiss & Global Asset Management AG Hardstraße 201 P.O. Box CH - 8037 Zurich Paying agent in Germany: DekaBank Deutsche Girozentrale Hahnstraße 55 D - 60528 Frankfurt / Main Austria: Erste Bank der oesterreichischen Sparkassen AG Graben 21 A - 1010 Vienna France: Caceis Bank 1-3, Place Valhubert F - 75013 Paris Spain: ATL12 Capital Inversiones A.V., S.A. C. / Montalbán 9 E - 28014 Madrid United Kingdom: GAM Sterling Management Ltd. 12 St. James s Place London, SW1A 1NX Belgium RBC Investor Services Belgium S.A. (until 27 July 2012: RBC Dexia Investor Services Belgium S.A.) Place Rogier 11 B - 1210 Brussels Liechtenstein: LGT Bank in Liechtenstein AG Herrengasse 12 FL - 9490 Vaduz Taiwan: Concord Capital Management Corp. 9F, No. 176, Sec. 1 Keelung Rd. Taipei, Taiwan, R.O.C. Sweden: MFEX Mutual Fund Exchange AB Linnégatan 9-11 SE - 114 47 Stockholm Cyprus: Cyprus Development Bank Public Company Ltd. 50 Arch. Makarios III Avenue P.O. Box 21415 CY-1508 Nicosia Information agent in Germany: Swiss & Global Asset Management Kapital AG Taunusanlage 15 D - 60325 Frankfurt / Main 5
Information on risk management (unaudited) Commitment approach On the basis of the respective investment policies and investment strategies (including the use of derivative financial instruments), the risk profile of the sub-funds stated below was determined according to the commitment approach (determining the aggregate risk through the liabilities). This means that a sub-fund's aggregate liabilities can be doubled at most through the use of derivative financial instruments. A sub-fund's aggregate liabilities are therefore capped at 200%. To calculate the aggregate liabilities, the positions in derivative financial instruments are converted into equivalent positions on the underlying assets. The aggregate liabilities of the derivative financial instruments are limited to 100% of the portfolio and therefore equate to the sum of the individual liabilities after netting or hedging. The following sub-funds determine their risk profile in accordance with the commitment approach: Julius Baer Multistock - AFRICA OPPORTUNITIES FUND AGRICULTURE FUND ASIA STOCK FUND BIOTECH FUND BLACK SEA FUND CENTRAL OPE STOCK FUND CHINDONESIA FUND ENERGY TRANSITION FUND O LARGE CAP STOCK FUND OLAND VALUE STOCK FUND OPE SELECTION FUND OPE SMALL & MID CAP STOCK FUND OPE STOCK FUND GERMAN VALUE STOCK FUND GLOBAL EMERGING MARKETS STOCK FUND NEW WORLD OPPORTUNITIES FUND (formerly GLOBAL SELECTION FUND) GLOBAL EQUITY INCOME FUND (formerly GLOBAL STOCK FUND) HEALTH OPPORTUNITIES FUND INFRASTRUCTURE FUND JAPAN STOCK FUND JULIUS BAER EQUITY FUND SPECIAL VALUE LUXURY BRANDS FUND NATURAL RESOURCES FUND NORTHERN AFRICA FUND RUSSIA FUND SWISS SMALL & MID CAP STOCK FUND SWISS STOCK FUND US LEADING STOCK FUND US VALUE STOCK FUND Value-at-risk The total risk exposure of each of the following sub-funds was determined using a model approach that takes into account all of the general and specific market risks that can lead to a significant change in the portfolio value (value-at-risk approach). The value-at-risk (VaR) is calculated on the basis of a confidence interval of 99%. The holding period for the purpose of calculating the total risk exposure is one month (20 days). The leverage for the period from 1 July 2012 to 31 December 2012 was calculated using the commitment approach. On the other hand, the sum of the notionals approach was decisive for calculating the leverage for the period from 1 January 2013 to 30 June 2013; the values calculated for this period using the commitment approach are reported for informational purposes only. Average Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND Type of VaR approach Absolute VaR VaR limit (in %) Utilisation of the VaR limit Low High Average value Simulation model *) Reference portfolio 10.00% 1.26% 2.45% 1.74% Monte Carlo not applicable Leverage 1 July 2012-31 Dec 2012 Commitment Approach Leverage 1 January 2013-30 June 2013 Sum of Notionals Approach Leverage 1 January 2013-30 June 2013 Commitment Approach 96.3% 70.0% 70.6% *) VaR Simulation Model Parameters: VaR Engine = RiskMetrics, VaR methodology = Monte Carlo (5 000 simulations), covariances based on 1 day returns, simulated period = 20 days, observation period (scaled) = 1 year, decay factor = 0.97*) 6
Audit Report To the shareholders of Julius Baer Multistock Following our appointment by the Annual General Meeting of Shareholders, we have audited the accompanying financial statements of Julius Baer Multistock and of each of its sub-funds, which comprise the statement of net assets, the statement of investments as at 30 June 2013, the profit and loss account and the statement of changes in net assets for the financial year then ended, as well as a summary of significant accounting policies and other explanatory notes to the financial statements. Responsibility of the Board of Directors of the SICAV for the financial statements The Board of Directors of the SICAV is responsible for the preparation and fair presentation of the financial statements in accordance with the statutory provisions and regulations relating to the preparation of financial statements applicable in Luxembourg, and for the internal controls that it deems necessary to enable the preparation of financial statements which are free from material misstatement, whether due to inaccuracies or infringements. Responsibility of the Réviseur d'entreprises agréé Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. These standards require that we follow the professional code of ethics, and plan and perform the audit in order to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The choice of which procedures to perform depends on the judgment of the Réviseur d'entreprises agréé, as does the evaluation of the risk of material misstatement in the financial statements, whether due to inaccuracies or infringements. In making those risk assessments, the Réviseur d'entreprises agréé considers the internal control system set up for the purpose of the preparation and fair presentation of the financial statements in order to determine the appropriate audit procedures in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control system. An audit also includes an assessment of whether the accounting principles and methods used are appropriate and whether the accounting estimates made by the Board of Directors of the SICAV are reasonable, as well as an evaluation of the overall presentation of the financial statements. PricewaterhouseCoopers, Société coopérative, 400 Route d Esch, B.P. 1443, L-1014 Luxembourg T: +352 494848 1, F:+352 494848 2900, www.pwc.lu Cabinet de révision agréé Expert comptable (autorisation gouvernementale n 10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518 8
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present a true and fair view of the assets and financial position of Julius Baer Multistock and of each of its sub-funds as at 30 June 2013, and of their profit and loss and changes in their net assets for the financial year then ended, in accordance with the statutory provisions and regulations relating to the preparation of financial statements applicable in Luxembourg. We refer to the notes to the financial statements concerning the notes "Valuation of assets and liabilities" and "Securities portfolio". Our audit opinion is not qualified in respect of this matter. Other information We read through the additional information contained in the financial statements as part of our mandate, but no special measures were necessary in accordance with the aforementioned standards. Our opinion does not relate, therefore, to this information. We have no comments to make on this information in the context of the financial statements taken as a whole. PricewaterhouseCoopers, Société coopérative Luxembourg, 11 October 2013 Represented by Roxane Haas 9
Report of the Board of Directors Dear Investor, We are pleased to enclose the Annual Report of the SICAV Julius Baer Multistock. This includes the Fund Management Report produced on behalf of the Board of Directors for the active sub-funds. The Annual Report also includes the statement of net assets, the profit and loss account, the statement of changes in net assets, the comparative statement, as well as the respective portfolios of the sub-funds. The Board of Directors confirms that the Company adhered to the rules of the ALFI Code of Conduct for Luxembourg investment funds in all significant aspects during the accounting period and at the end of the financial year (30 June 2013). Further information on the SICAV and the sub-funds, including prospectuses and semi-annual reports, may be obtained from the Management Company of the SICAV upon request and may also be viewed online at www.jbfundnet.com. Luxembourg, October 2013 On behalf of the Board of Directors of the Julius Baer Multistock Martin Jufer Chairman of the Board of Directors Andrew Hanges Member of the Board of Directors 10
Notes to the Annual Report Legal information Julius Baer Multistock (the Company ) was incorporated on 1 December 1989 for an indefinite period. It is organised as a Société d Investissement à Capital Variable (open-ended investment company SICAV) under the law of 10 August 1915 of the Grand Duchy of Luxembourg, as amended. It has been registered under Part I of the law of 17 December 2010 as an undertaking for collective investment in transferable securities (UCITS). The Company is registered under number B-32188 in the Luxembourg Trade and Companies Register. The Company has its registered office at 69, Route d Esch, L - 1470 Luxembourg. The Julius Baer Multistock - GLOBAL SELECTION FUND was renamed Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND as of 1 April 2013. The Julius Baer Multistock - GLOBAL STOCK FUND was renamed Julius Baer Multistock - GLOBAL EQUITY INCOME FUND as of 1 April 2013. Share categories The following share classes are issued at present: - A shares: Shares with distribution of income and/or capital gains. - B shares: Shares without distribution of income and/or capital gains - C shares (for institutional investors): Shares without distribution of income and/or capital gains - Ca shares (for institutional investors): Shares with distribution of income and/or capital gains. - E shares (for specific distributors, as defined in the prospectus): Shares without distribution of income and/or capital gains "A", "B", "C", "Ca" and "E" shares may also bear the additional "h" (currency-hedged share categories). Accounting principles Presentation of the financial statements The financial statements of the Company have been prepared in compliance with the legal requirements for investment funds in Luxembourg. The present report has been prepared on the basis of the last net asset value ("NAV") calculation at the end of the accounting period (in the following: NAV = Net Asset Value). Aggregation Each sub-fund of the Company prepares accounts relating to its operating result in its denominated currency. The accounts of the Company (umbrella fund) are prepared in CHF by aggregating the assets and liabilities of the individual sub-funds using the exchange rates applicable on the last day of the accounting year. The accrual principle is applied in the preparation. The accounting principles are applied consistently. Valuation of assets and liabilities Assets and liabilities are valued at their nominal value, with the following exceptions. In addition, certain securities (including pre-ipo, restricted shares) are valued in accordance with established methods/models for which the Company's Board of Directors is responsible. Foreign currencies Transactions effected in currencies other than the currency of the particular sub-fund are converted using the exchange rate on the date of the transaction. Assets and liabilities denominated in currencies other than the currency of the particular sub-fund are converted using the exchange rate on the balance sheet date. Foreign exchange profits and losses are included in the profit and loss account for the current accounting period. Foreign exchange differences Foreign exchange differences are attributable to the fluctuation in exchange rates over the course of the financial year. The "foreign exchange difference" is as a result of consolidating the sub-fund currencies into the Fund currency. On the other hand, the "sub-fund foreign exchange differences" refers to the conversion of the individual share classes into the subfund currency. Securities portfolio Securities listed on a stock exchange or any other public regulated market are valued at the last available price of the reporting year. Non-listed securities are identified as such. Their value shall be based on a foreseeable sale price, estimated with care and in good faith. Unrealised profits/losses on securities are reported as the difference between market value and average acquisition cost. Securities denominated in currencies other than the currency of the respective sub-fund are converted using the exchange rate on the balance sheet date or the date of sale, whichever is applicable. All foreign exchange profits and losses are shown in the profit and loss account, together with the price profits/losses from securities. The realised net profit/loss from the sale of securities is determined using the average historical costs. Dividends are recorded on the ex-dividend date. Income from securities is shown exclusive of withholding taxes. The number of options, warrants and rights are recorded in the statement of net assets. Accounting The financial statements of the Company have been prepared in accordance with the regulations relating to undertakings for collective investment in transferable securities (UCITS) applicable in Luxembourg. 11
Notes to the Annual Report The Company includes assets which could not be valued using market prices, on account of there being no liquid markets. These securities, as well as all the other assets, will be valued at their market value as determined in good faith by the Management Company and on the basis of generally accepted and verifiable valuation regulations. The proportion of the assets in question in relation to the net assets as at 30 June 2013 is: 6.88% in sub-fund Julius Baer Multistock - BLACK SEA FUND 1.63% in sub-fund Julius Baer Multistock - NATURAL RESOURCES FUND 1.62% in sub-fund Julius Baer Multistock - NORTHERN AFRICA FUND As a result, when these securities are sold, discrepancies may arise between the valuation and the sale price received. Securities lending Income from securities lending is shown separately in the profit and loss account. The market value of securities lent on the balance sheet date as at 30 June 2013 amounts to: Julius Baer Multistock - AGRICULTURE FUND 50 463 ASIA STOCK FUND 743 161 BIOTECH FUND 1 387 CHINDONESIA FUND 61 676 ENERGY TRANSITION FUND 4 093 081 O LARGE CAP STOCK FUND 3 660 748 OLAND VALUE STOCK FUND 275 415 OPE SMALL & MID CAP STOCK FUND 2 806 465 OPE STOCK FUND 306 788 GLOBAL EQUITY INCOME FUND 645 095 INFRASTRUCTURE FUND 957 280 JAPAN STOCK FUND JPY 1 047 811 720 JULIUS BAER EQUITY FUND SPECIAL VALUE 345 535 LUXURY BRANDS FUND 16 514 047 NATURAL RESOURCES FUND 1 337 222 SWISS SMALL & MID CAP STOCK FUND CHF 5 403 354 SWISS STOCK FUND CHF 2 773 060 The Fund received the following guarantee amounts for the securities lent: Julius Baer Multistock - Collateral Type amount AGRICULTURE FUND 53 012 Securities ASIA STOCK FUND 897 214 Securities BIOTECH FUND 1 459 Securities CHINDONESIA FUND 66 467 Securities ENERGY TRANSITION FUND 4 484 587 Securities O LARGE CAP STOCK FUND 3 925 110 Securities OLAND VALUE STOCK FUND 532 359 Securities OPE SMALL & MID CAP STOCK FUND 3 057 904 Securities OPE STOCK FUND 324 457 Securities GLOBAL EQUITY INCOME FUND 687 280 Securities INFRASTRUCTURE FUND 1 254 299 Securities JAPAN STOCK FUND JPY 1 136 090 953 Securities JULIUS BAER EQUITY FUND SPECIAL VALUE 370 350 Securities LUXURY BRANDS FUND 17 736 960 Securities NATURAL RESOURCES FUND 1 415 490 Securities SWISS SMALL & MID CAP STOCK FUND CHF 6 004 525 Securities SWISS STOCK FUND CHF 3 318 291 Securities Julius Baer Multistock - Gross Costs and income fees Net income AGRICULTURE FUND 102 631 49 258 53 373 AFRICA OPPORTUNITIES 1 221 539 682 FUND ASIA STOCK FUND 45 203 22 584 22 619 BIOTECH FUND 25 755 11 728 14 027 BLACK SEA FUND 2 676 1 275 1 401 CENTRAL OPE STOCK 1 780 890 890 FUND CHINDONESIA FUND 19 820 8 579 11 241 ENERGY TRANSITION FUND 404 377 183 689 220 688 O LARGE CAP STOCK FUND 750 717 321 112 429 605 OLAND VALUE STOCK FUND 286 861 125 184 161 677 OPE SELECTION FUND 222 336 93 978 128 358 OPE SMALL & MID CAP STOCK FUND 158 174 67 832 90 342 OPE STOCK FUND 174 448 75 363 99 085 GERMAN VALUE STOCK 280 073 115 370 164 703 FUND NEW WORLD 5 760 2 690 3 070 OPPORTUNITIES FUND GLOBAL EQUITY INCOME FUND 66 203 27 947 38 256 HEALTH OPPORTUNITIES 31 818 13 495 18 323 FUND INFRASTRUCTURE FUND 69 145 30 972 38 173 JAPAN STOCK FUND JPY 7 500 515 3 456 188 4 044 327 JULIUS BAER EQUITY FUND SPECIAL VALUE 862 637 379 271 483 366 LUXURY BRANDS FUND 474 244 199 015 275 229 NATURAL RESOURCES FUND 56 993 25 222 31 771 NORTHERN AFRICA FUND 23 228 10 925 12 303 SWISS SMALL & MID CAP STOCK FUND CHF 88 131 38 143 49 988 SWISS STOCK FUND CHF 344 085 144 076 200 009 US LEADING STOCK FUND 8 520 4 288 4 232 US VALUE STOCK FUND 403 176 227 The securities lending transaction was entered into with the following counterparties. Counterparty BNP Paribas Arbitrage Barclays Capital Securities Limited Citigroup Global Markets Credit Suisse Securities (Europe) Ltd Deutsche Bank AG Goldman Sachs International JP Morgan Securities Plc Merrill Lynch International Morgan Stanley & Co. International PLC UBS AG London Branch Forward contracts (Forward foreign exchange contracts, futures, swaps) Forward contracts are shown using the market price on the balance sheet date, depending on the remaining term of the contract. The unrealised profit/loss is defined as the difference between the agreed trading price and the market price on the balance sheet date. The unrealised profit/loss is shown in the profit and loss account. 12
Notes to the Annual Report The forward foreign exchange contracts shown in the overview of derivative financial instruments are grouped by currency, with the latest possible maturity date shown in each case. Taxes In accordance with Luxembourg law, the Company is not subject to any Luxembourg income tax. Dividends paid by the Company are currently not subject to withholding tax in Luxembourg. The Company is, however, subject to an annual tax of 0.05% of the net assets ( taxe d abonnement ). A reduced taxe d abonnement of 0.01% p.a. will be applied on the net assets applicable to C, Ca, Ch and Cah shares (for institutional investors). This classification is based on the Company s understanding of the current legal situation. This legal situation is liable to be changed with retroactive effect, which may result in the tax rate of 0.05% being applied retroactively. The tax is payable quarterly in arrears on the basis of the respective net assets at the end of each quarter. To the extent that certain countries levy a tax on realised capital gains, the sub-funds make respective provisions on the unrealised capital gains. Transaction costs Transaction costs mainly include brokers' fees. Transaction costs also comprise stamp duty, trading levies and other foreign fees. Transaction costs incurred during the financial year are included in the costs of securities bought and sold. During the period from 1 July 2012 until 30 June 2013, the Fund incurred transaction costs in the amount set out below in connection with the purchase and sale of securities: Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND 81 AFRICA OPPORTUNITIES FUND 57 660 AGRICULTURE FUND 159 331 ASIA STOCK FUND 623 447 BIOTECH FUND 34 121 BLACK SEA FUND 68 822 CENTRAL OPE STOCK FUND 152 494 CHINDONESIA FUND 173 047 ENERGY TRANSITION FUND 50 748 O LARGE CAP STOCK FUND 189 420 OLAND VALUE STOCK FUND 79 648 OPE SELECTION FUND 448 882 OPE SMALL & MID CAP STOCK FUND 123 835 OPE STOCK FUND 352 295 GERMAN VALUE STOCK FUND 237 146 GLOBAL EMERGING MARKETS STOCK FUND 340 924 NEW WORLD OPPORTUNITIES FUND 4 268 GLOBAL EQUITY INCOME FUND 97 564 HEALTH OPPORTUNITIES FUND 24 618 INFRASTRUCTURE FUND 77 021 JAPAN STOCK FUND JPY 18 834 912 JULIUS BAER EQUITY FUND SPECIAL VALUE 184 452 LUXURY BRANDS FUND 408 930 NATURAL RESOURCES FUND 155 589 NORTHERN AFRICA FUND 163 301 RUSSIA FUND 57 231 SWISS SMALL & MID CAP STOCK FUND CHF 37 944 SWISS STOCK FUND CHF 52 073 US LEADING STOCK FUND 25 924 US VALUE STOCK FUND 20 117 The transaction costs reported above may be misleading given that the various costs incurred in transactions are not always reported separately and in some instances are included directly in the purchase and sale costs. In the case of the above sub-funds, this may therefore result in differing transaction costs for comparable investments and transaction volumes. Description of the subsidiary in Mauritius Julius Baer Multistock - CHINDONESIA FUND (the sub-fund") invests some or all of its assets in Multistock I (Mauritius) Ltd. As at 30 June 2013, 26.43% of the sub-fund's net assets were invested here. Multistock I (Mauritius) Ltd. (the subsidiary ) was incorporated on 17 September 2010 in the form of an open-ended investment company ( Collective Investment Scheme licensed as an Expert Fund under the Category 1 Global Business License issued by the Financial Services Commission of Mauritius) in Mauritius as a whollyowned subsidiary of the sub-fund. As such, is subject to supervision by the Financial Services Commission of Mauritius. The subsidiary relinquished its status as Collective Investment Scheme as at 25 February 2013 and now operates as an Investment Holding Company under Mauritian law. Please refer to the sub-fund prospectus for further information on the subsidiary and its administration. Indirect investments in India may be made via the subsidiary. Such indirect investments are generally eligible to benefit from the double taxation agreement ("DTA") between India and Mauritius. The subsidiary s investments are reported in the annual report of the subfund in the securities portfolio in the same manner as for direct investments by the sub-fund. This ensures the transparency of the subsidiary s investment activities. The subsidiary has been issued with a tax residency certificate (TRC) by the Mauritius Revenue Authority of the Republic of Mauritius; the subsidiary is therefore treated as a tax resident of the Republic of Mauritius and is able to benefit from the DTA between India and Mauritius. On this basis, the subsidiary should be entitled to receive certain tax reliefs in India. However, there is no guarantee that the subsidiary will retain its status as tax resident. Use of the Mauritian subsidiary and the tax treatment accorded it are based on current laws and practice in the countries concerned, as understood by the subsidiary's Board of Directors following appropriate enquiries. However, no guarantee can be given that the tax benefits under the DTA between India and Mauritius will continue to apply to the sub-fund in future, or that they will not be subject to retroactive changes, because the statutory framework may be subject to change in Mauritius, India or the European Union. Such changes may limit or negate the benefits or applicability of a DTA, which may adversely affect the sub-fund's income. Pooling and co-management For the purpose of efficient management and to reduce administrative costs and if allowed by the investment policies of the sub-funds, the Board of Directors may decide to co-manage some or all of the assets of certain sub-funds and other Luxembourg UCITS of Swiss & Global Asset Management. The assets of such sub-funds are referred to in the following as "co-managed assets". In this case, the pooling technique will be applied to the co-managed assets of the various sub-funds. Assets that are co-managed will be referred to using the term "pool". Such pools will only be used for the purpose of internal management. They will not constitute distinct legal entities and will not be directly accessible to investors. The unrealised profit/loss of the pool is allocated to the sub-funds at each NAV calculation on the basis of daily updated pool allocation factors. There is no guarantee that the sum of this unrealised profit/loss corresponds to the reported net change in unrealised appreciation/depreciation on securities at sub-fund level. 13
Notes to the Annual Report Service Load Service Load means the costs incurred in connection with the operation of the Company. These costs include the following unless already otherwise separately stated or included: Costs of day-to-day management and oversight of the Company s business; tax advisory, legal and auditing services; purchase and sale of securities; taxes and duties; convening the Annual General Meeting; issue of share confirmations; preparation of financial statements and prospectuses; promotional and marketing measures and other sales support; issue and redemption of shares; the payment of dividends, paying agents and representatives, the payment of RBC Investor Services Bank S.A. (Until 27 July 2012: RBC Dexia Investor Services Bank S.A.) as administrator, principal paying agent, registrar and transfer agent; registration for sale; reporting to supervisory authorities in the various countries of distribution; fees and expenses of the Board of Directors of the Company; insurance premiums; interest; stock exchange admission fees and broker fees; reimbursement of expenses to the custodian and all other contractual partners of the Company; calculation and publication of the net asset value per share and the share prices, as well as licence fees, in particular for the use of the Julius Baer brand. Information on the costs associated with the purchase of target funds In connection with the purchase of target funds, investors should note that in addition to the costs that are charged to the sub-fund s assets in accordance with the provisions of the prospectus and the Articles of Association, costs for administration, the custodian bank and auditor s fees, taxes as well as other costs, commission and expenses may apply to the target funds, and consequently, similar costs may be paid several times. For the Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND, the management fees that are charged to the target funds by their respective service providers amount to a maximum of 2.00% per annum. Events after the reporting period Effective 29 July 2013, State Street Bank Luxembourg S.A. ( SSBLux ), 49, Avenue J.F. Kennedy, L-1855 Luxembourg, will assume the role of custodian, administrator and principal paying agent, as well as registrar and transfer agent. 14
Notes to the Annual Report Management fees For advisory services relating to the portfolios of the sub-funds, related administrative services and distribution services, the following annual fees based on the net asset value of the respective sub-fund will be charged to the sub-fund at the end of each month: Overview of fees (p.a.) Currency classes A/Ah/B/Bh/E* shares C/Ca/Ch** shares Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND, CHF,, GBP 1.20% 0.60% AFRICA OPPORTUNITIES FUND 1.60% 0.85% AGRICULTURE FUND,, CHF 1.60% 0.85% ASIA STOCK FUND 1.40% 0.65% BIOTECH FUND 1.60% 0.85% BLACK SEA FUND, CHF, 1.60% 0.85% CENTRAL OPE STOCK FUND 1.40% 0.85% CHINDONESIA FUND 1.40% 0.75% ENERGY TRANSITION FUND,, JPY 1.60% 0.85% O LARGE CAP STOCK FUND 1.20% 0.55% OLAND VALUE STOCK FUND 1.20% 0.55% OPE SELECTION FUND 1.20% 0.55% OPE SMALL & MID CAP STOCK FUND 1.60% 0.65% OPE STOCK FUND 1.20% 0.55% GERMAN VALUE STOCK FUND 1.20% 0.50% GLOBAL EMERGING MARKETS STOCK FUND, 1.60% 0.85% NEW WORLD OPPORTUNITIES FUND (formerly GLOBAL SELECTION FUND) 1.85% 0.55% GLOBAL EQUITY INCOME FUND (formerly GLOBAL STOCK FUND) 1.05% 0.55% HEALTH OPPORTUNITIES FUND 1.60% 0.85% INFRASTRUCTURE FUND, CHF, 1.60% 0.85% JAPAN STOCK FUND JPY,,, CHF 1.20% 0.65% JULIUS BAER EQUITY FUND SPECIAL VALUE, CHF, 1.60% 0.85% LUXURY BRANDS FUND, CHF,, GBP 1.60% 0.85% NATURAL RESOURCES FUND, CHF 1.60% 0.85% NORTHERN AFRICA FUND, CHF, 1.60% 0.85% RUSSIA FUND, 1.60% 0.85% SWISS SMALL & MID CAP STOCK FUND CHF 1.40% 0.65% SWISS STOCK FUND CHF 1.00% 0.40% US LEADING STOCK FUND 1.20% 0.55% US VALUE STOCK FUND 1.20% 0.55% *) An additional distribution fee of max. 0.75% p.a. is charged for E shares. **) Regarding the distribution, offering or holding of C, Ca or Ch shares, the Company will not pay the sales offices any commission for public distribution. The fees as set out above are used to remunerate distributors and asset managers for distributing shares of the sub-funds and to reimburse institutional investors. 15
Notes to the Annual Report Performance fee Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND / Julius Baer Multistock - INFRASTRUCTURE FUND In respect of the Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND and the Julius Baer Multistock - INFRASTRUCTURE FUND, the investment manager is entitled to a performance fee. The performance fee for the Julius Baer Multistock - INFRASTRUCTURE FUND is payable when the percentage return from the start of the accounting year is above that of the benchmark index, the Macquarie Global Infrastructure Index, (outperformance of the benchmark index) and when simultaneously the net asset value per share is higher than the high water mark (outperformance of the high water mark). The performance fee for the Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND is payable when the percentage return from the start of the accounting year is above that of the benchmark index stated below for each share currency (outperformance of the benchmark index), which will be adjusted to the effective market conditions at the end of each calendar quarter (on the last valuation day of March, June, September, December), and when simultaneously the net asset value per share is higher than the high water mark (outperformance of the high water mark). Both conditions must be fulfilled. The performance fee amounts to 10% p.a. of the outperformance of the High Water Mark or outperformance of the benchmark index, with the lower of the two percentage outperformance values serving as a basis for calculation of the performance fee. High water mark: at the launch of the sub-fund or, if applicable, a share category in a currency other than the sub-fund s accounting currency, the High Water Mark is identical to the initial issue price. If the net asset value per share on the last valuation day of a subsequent accounting year is higher than the previous High Water Mark and the percentage return during the accounting year is higher than that of the benchmark index, the High Water Mark is set to the net asset value per share calculated on the last valuation day of that accounting year before deduction of the deferred performance fee. In all other cases the High Water Mark remains unchanged. The amount of the performance fee is recalculated on each valuation day subject to the aforementioned conditions on the basis of the outperformance since the start of the accounting year and a provision is established for the sub-fund. The recalculated performance fee amount is compared on each valuation day with the provision set aside on the previous valuation day. The amount provisioned on the previous day is adjusted up or down accordingly on the basis of the difference found between the newly calculated amount and the amount previously provisioned. Any performance fee which has been calculated under the aforementioned conditions and is payable to the investment manager is not paid out until the end of the Company's accounting year. This ensures that the performance fee is only paid out if the percentage return of the Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND and the Julius Baer Multistock - INFRA- STRUCTURE FUND measured over an entire accounting year is above that of the benchmark index (outperformance of the benchmark index) and simultaneously the net asset value per share is higher than the high water mark (outperformance of the high water mark). Benchmark index per sub-fund and share currency Julius Baer Multistock- ABSOLUTE RETURN OPE EQUITY FUND in : 3-month LIBOR in CHF: CHF 3-month LIBOR in : 3-month LIBOR in GBP: GBP 3-month LIBOR 16
Notes to the Annual Report Other expenses include: Currency Performance fee Service load Brokerage fees Licence fees Other expenses Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND 464 861 124 496 0 0 0 589 357 AFRICA OPPORTUNITIES FUND - 17 995 0 0 0 17 995 AGRICULTURE FUND - 206 173 0 0 1 171 207 344 ASIA STOCK FUND - 654 150 0 0 0 654 150 BIOTECH FUND - 37 588 0 0 0 37 588 BLACK SEA FUND - 262 132 8 984 0 500 271 616 CENTRAL OPE STOCK FUND - 240 713 0 0 3 299 244 012 CHINDONESIA FUND - 97 000 0 1 675 16 675 115 350 ENERGY TRANSITION FUND - 60 144 0 0 651 60 795 O LARGE CAP STOCK FUND - 458 384 0 0 0 458 384 OLAND VALUE STOCK FUND - 187 256 0 0 5 663 192 919 OPE SELECTION FUND - 489 740 0 0 6 315 496 055 OPE SMALL & MID CAP STOCK FUND - 333 641 0 0 4 624 338 265 OPE STOCK FUND - 590 041 0 0 1 822 591 863 GERMAN VALUE STOCK FUND - 649 582 225 0 50 649 857 GLOBAL EMERGING MARKETS STOCK FUND - 269 489 0 0 500 269 989 NEW WORLD OPPORTUNITIES FUND - 17 091 0 0 0 17 091 GLOBAL EQUITY INCOME FUND - 289 925 0 0 0 289 925 HEALTH OPPORTUNITIES FUND - 56 840 0 0 4 507 61 347 INFRASTRUCTURE FUND 234 157 829 0 0 6 560 164 623 JAPAN STOCK FUND JPY - 123 006 946 0 0 0 123 006 946 JULIUS BAER EQUITY FUND SPECIAL VALUE - 1 001 359 0 0 1 424 1 002 783 LUXURY BRANDS FUND - 1 057 986 0 0 502 1 058 488 NATURAL RESOURCES FUND - 217 040 0 0 723 217 763 NORTHERN AFRICA FUND - 345 792 0 0 500 346 292 RUSSIA FUND - 133 388 7 658 0 650 141 696 SWISS SMALL & MID CAP STOCK FUND CHF - 368 590 0 0 0 368 590 SWISS STOCK FUND CHF - 843 995 1 066 0 0 845 061 US LEADING STOCK FUND - 1 099 216 0 0 0 1 099 216 US VALUE STOCK FUND - 245 111 0 0 0 245 111 Total Derivative financial instruments Forward foreign exchange contracts Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND CHF 9 310 000 7 587 277 17 July 2013-16 608 1 829 442 CHF 2 245 000 17 July 2013 3 862 117 820 GBP 100 000 17 July 2013 1 162 17
Notes to the Annual Report Derivative financial instruments (continued) Forward foreign exchange contracts (continued) Purchases Sales Maturity date Currency Unrealised profit/loss Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND (continued) 317 365 413 000 17 July 2013-339 GBP 2 290 000 2 686 770 17 July 2013-15 273 2 846 000 2 140 495 17 July 2013 48 836 21 640 Julius Baer Multistock - AGRICULTURE FUND 220 038 CAD 230 512 3 July 2013 1 557 1 557 Julius Baer Multistock - JAPAN STOCK FUND CHF 21 949 000 JPY 2 253 801 810 17 July 2013 JPY 46 704 832 11 490 000 JPY 1 455 268 975 17 July 2013 JPY 31 371 456 JPY 66 876 332 CHF 650 000 17 July 2013 JPY -1 249 971 JPY 73 124 500 580 000 17 July 2013 JPY -1 919 216 JPY 19 670 025 205 000 17 July 2013 JPY -635 299 3 141 000 JPY 296 214 690 17 July 2013 JPY 14 902 013 JPY 89 173 815 Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE CHF 11 955 600 9 720 000 13 August 2013 3 233 CHF 2 183 874 JPY 228 200 000 13 August 2013 8 774 CHF 4 029 768 4 330 000 13 August 2013-53 164 666 396 CHF 820 000 13 August 2013-493 7 780 587 JPY 1 000 000 000 13 August 2013 35 959 13 459 873 17 870 000 13 August 2013-285 134 2 674 301 CHF 2 460 302 13 August 2013 56 052 11 320 502 8 494 453 13 August 2013 212 861 1 074 380 JPY 104 000 000 13 August 2013 20 933-979 The currency forward foreign exchange contracts listed in the table above were concluded primarily with the following counterparties: BANK JULIUS BAER AND CO LTD Further information on counterparties is available on request at the Management Company. Futures Number of contracts Market Value Maturity date Currency Unrealised profit/loss Counterparty - Underlying Currency Julius Baer Multistock - BLACK SEA FUND RENAISSANCE CAPITAL - RUSSIAN RTS INDEX Purchases 1 300 2 516 090 13 September 2013 56 807 56 807 Julius Baer Multistock - RUSSIA FUND RENAISSANCE CAPITAL - RUSSIAN RTS INDEX Purchases 1 000 2 515 800 13 September 2013 56 800 56 800 Julius Baer Multistock - SWISS STOCK FUND DEUTSCHE BANK - SMI INDEX/OHNE DIVIDENDENKORR. Purchases CHF 6 459 660 20 September 2013 CHF 3 780 CHF 3 780 18
Notes to the Annual Report Derivative financial instruments (continued) Swaps Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND Type* Counterparty - Underlying Nominal Maturity date CFD CFD CFD CFD CFD CFD CFD CFD CFD CFD CFD CREDIT SUISSE INTERNATIONAL LONDON - ACTELION LTD CHF 2 276 000 1 January 2040 CREDIT SUISSE INTERNATIONAL LONDON - AUTOLIV INC/SWEDISH DEPT.RECPT SEK 19 874 000 1 January 2040 CREDIT SUISSE INTERNATIONAL LONDON - DUFRY AG BASEL CHF -2 750 400 1 January 2040 CREDIT SUISSE INTERNATIONAL LONDON - ELECTROLUX AB "B" SEK -18 634 000 1 January 2040 CREDIT SUISSE INTERNATIONAL LONDON - FRESENIUS MEDICAL CARE AG -2 726 500 1 January 2040 CREDIT SUISSE INTERNATIONAL LONDON - FRESENIUS SE & CO KGAA 2 367 750 1 January 2040 CREDIT SUISSE INTERNATIONAL LONDON - GN GREAT NORDIC LTD DKK -6 498 000 1 January 2040 CREDIT SUISSE INTERNATIONAL LONDON - SONOVA HOLDING AG /NOM. CHF 1 002 000 1 January 2040 CREDIT SUISSE INTERNATIONAL LONDON - THE SWATCH GROUP AG CHF 3 619 000 1 January 2040 CREDIT SUISSE INTERNATIONAL LONDON - THROMBOGENICS NV -1 259 673 1 January 2040 DEUTSCHE BANK - ABB LTD ZUERICH /NAMEN. CHF 2 461 200 1 January 2040 CFD DEUTSCHE BANK - ACCOR SA -2 162 800 1 January 2040 CFD DEUTSCHE BANK - AREVA -172 913 1 January 2040 CFD DEUTSCHE BANK - ARYZTA AG /NAM. CHF 2 389 500 1 January 2040 CFD DEUTSCHE BANK - ASTRAZENECA PLC GBP -1 557 500 1 January 2040 CFD DEUTSCHE BANK - AUTOGRILL SPA -640 800 1 January 2040 CFD CFD CFD DEUTSCHE BANK - BABCOCK INTERNATIONAL GROUP GBP 1 868 482 1 January 2040 DEUTSCHE BANK - BANCO SANTANDER --- REG.SHS 1 564 410 1 January 2040 DEUTSCHE BANK - BMW- BAYER.MOTORENWERKE 1 343 600 1 January 2040 CFD DEUTSCHE BANK - CAPITA --- SHS GBP -96 600 1 January 2040 CFD DEUTSCHE BANK - CARNIVAL PLC GBP -916 000 1 January 2040 CFD DEUTSCHE BANK - CENTRICA PLC GBP 900 500 1 January 2040 CFD DEUTSCHE BANK - DAIMLER AG / NAMEN-AKT. -929 700 1 January 2040 CFD DEUTSCHE BANK - DANONE -1 037 880 1 January 2040 Interest rate paid Commitment Unrealised profit/loss LIB1M CHF + 0.35% CHF 2 276 000 - STIB1M SEK + 0.35% SEK 19 874 000 - LIB1M CHF - 0.40% CHF 2 750 400 - STIB1M SEK - 0.40% SEK 18 634 000 - LIB1M - 0.40% 2 726 500 - LIB1M + 0.35% 2 367 750 - LIB1M DKK - 0.40% DKK 6 498 000 - LIB1M CHF + 0.35% CHF 1 002 000 - LIB1M CHF + 0.35% CHF 3 619 000 - LIB1M - 0.40% 1 259 673 - LIB1M CHF + 0.35% CHF 2 461 200 - LIB1M - 0.40% 2 162 800 - LIB1M - 0.40% 172 913 - LIB1M CHF + 0.35% CHF 2 389 500 - LIB1M GBP - 0.40% GBP 1 557 500 - LIB1M - 0.40% 640 800 - LIB1M GBP + 0.35% GBP 1 868 482 - LIB1M + 0.35% 1 564 410 - LIB1M + 0.35% 1 343 600 - LIB1M GBP - 0.40% GBP 96 600 - LIB1M GBP - 0.40% GBP 916 000 - LIB1M GBP + 0.35% GBP 900 500 - LIB1M - 0.40% 929 700 - LIB1M - 0.40% 1 037 880-19
Notes to the Annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND (continued) Type* Counterparty - Underlying Nominal Maturity date CFD CFD DEUTSCHE BANK - DASSAULT SYSTEMES SA -1 127 760 1 January 2040 DEUTSCHE BANK - DEUTSCHE POST AG 1 909 500 1 January 2040 CFD DEUTSCHE BANK - EDF -1 382 213 1 January 2040 CFD DEUTSCHE BANK - ELECTROCOMPONENTS GBP -730 200 1 January 2040 CFD DEUTSCHE BANK - ERICSSON TEL."B" SEK -30 380 000 1 January 2040 CFD CFD CFD DEUTSCHE BANK - FRANKFURT AIRPORT SERV.WORLDW. -2 788 800 1 January 2040 DEUTSCHE BANK - FREENET AG NAMENS-AKTIEN 4 782 300 1 January 2040 DEUTSCHE BANK - GLAXOSMITHKLINE PLC GBP -1 648 000 1 January 2040 CFD DEUTSCHE BANK - GTECH S.P.A. 2 307 600 1 January 2040 CFD DEUTSCHE BANK - HAYS PLC GBP -1 601 100 1 January 2040 CFD DEUTSCHE BANK - IBERDROLA SA *OPR* 869 140 1 January 2040 CFD DEUTSCHE BANK - ILIAD 2 990 700 1 January 2040 CFD DEUTSCHE BANK - INDITEX /REG. 1 896 800 1 January 2040 CFD DEUTSCHE BANK - INFORMA PLC GBP -1 813 370 1 January 2040 CFD DEUTSCHE BANK - ITV PLC GBP 2 381 700 1 January 2040 CFD DEUTSCHE BANK - KABEL DEUTSCHLAND HOLDING AG 1 265 700 1 January 2040 CFD DEUTSCHE BANK - KINGFISHER PLC GBP -2 401 000 1 January 2040 CFD DEUTSCHE BANK - MICHELIN B NOM 2 061 000 1 January 2040 CFD DEUTSCHE BANK - MITIE GROUP PLC GBP 552 860 1 January 2040 CFD CFD DEUTSCHE BANK - MTU AERO ENGINES HOLD 2 964 000 1 January 2040 DEUTSCHE BANK - NATIONAL GRID PLC GBP -1 546 652 1 January 2040 CFD DEUTSCHE BANK - NESTLE / ACT NOM CHF -929 250 1 January 2040 CFD DEUTSCHE BANK - NOVARTIS AG BASEL/NAM. *OPR* CHF 4 026 000 1 January 2040 CFD DEUTSCHE BANK - ORANGE -581 440 1 January 2040 CFD DEUTSCHE BANK - PETROLEUM GEO-SERVICES ASA NOK -11 840 000 1 January 2040 Interest rate paid Commitment Unrealised profit/loss LIB1M - 0.40% 1 127 760 - LIB1M + 0.35% 1 909 500 - LIB1M - 0.40% 1 382 213 - LIB1M GBP - 0.40% GBP 730 200 - STIB1M SEK - 0.40% SEK 30 380 000 - LIB1M - 0.40% 2 788 800 - LIB1M + 0.35% 4 782 300 - LIB1M GBP - 0.40% GBP 1 648 000 - LIB1M + 0.35% 2 307 600 - LIB1M GBP - 0.40% GBP 1 601 100 - LIB1M + 0.35% 869 140 - LIB1M + 0.35% 2 990 700 - LIB1M + 0.35% 1 896 800 - LIB1M GBP - 0.40% GBP 1 813 370 - LIB1M GBP + 0.35% GBP 2 381 700 - LIB1M + 0.35% 1 265 700-9 105 LIB1M GBP - 0.40% GBP 2 401 000 - LIB1M + 0.35% 2 061 000 - LIB1M GBP + 0.35% GBP 552 860 - LIB1M + 0.35% 2 964 000 - LIB1M GBP - 0.40% GBP 1 546 652 - LIB1M CHF - 0.40% CHF 929 250 - LIB1M CHF + 0.35% CHF 4 026 000 - LIB1M - 0.40% 581 440 - NIB1M NOK - 0.40% NOK 11 840 000-20
Notes to the Annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND (continued) Type* Counterparty - Underlying Nominal Maturity date CFD DEUTSCHE BANK - PLAYTECH LIMITED GBP 4 033 400 1 January 2040 CFD DEUTSCHE BANK - RED ELE CORP SHS 2 125 175 1 January 2040 CFD DEUTSCHE BANK - RWE -980 800 1 January 2040 CFD DEUTSCHE BANK - SABMILLER PLC GBP 1 891 500 1 January 2040 CFD DEUTSCHE BANK - SANOFI 1 990 500 1 January 2040 CFD DEUTSCHE BANK - SCHNEIDER ELECTRIC SA 2 229 200 1 January 2040 CFD DEUTSCHE BANK - SIEMENS AG /NAM. -2 018 900 1 January 2040 CFD CFD CFD DEUTSCHE BANK - STMICROELECTRONICS NV 1 384 200 1 January 2040 DEUTSCHE BANK - SVENSKA CELLUL.- B- SEK 20 196 000 1 January 2040 DEUTSCHE BANK - TELEKOM AUSTRIA AG -340 480 1 January 2040 CFD DEUTSCHE BANK - TELIASONERA AB -3 096 280 1 January 2040 CFD DEUTSCHE BANK - TGS NOPEC GEOPHYSICAL CO NOK 14 120 000 1 January 2040 CFD DEUTSCHE BANK - TOD'S SPA -434 400 1 January 2040 CFD DEUTSCHE BANK - TUI AG 1 917 930 1 January 2040 CFD CFD DEUTSCHE BANK - UNILEVER CERT.OF SHS -3 029 463 1 January 2040 DEUTSCHE BANK - UNITED INTERN.&CO/NAMENSAKT 3 252 750 1 January 2040 CFD DEUTSCHE BANK - VALLOUREC -1 553 017 1 January 2040 CFD DEUTSCHE BANK - VIVENDI 1 455 000 1 January 2040 CFD DEUTSCHE BANK - WHITBREAD PLC GBP -1 840 782 1 January 2040 CFD DEUTSCHE BANK - WILLIAM HILL PLC GBP 3 498 691 1 January 2040 CFD DEUTSCHE BANK - WOLTERS KLUWER NV -1 625 500 1 January 2040 Interest rate paid Commitment Unrealised profit/loss LIB1M GBP + 0.35% GBP 4 033 400 - LIB1M + 0.35% 2 125 175 - LIB1M - 0.40% 980 800 - LIB1M GBP + 0.35% GBP 1 891 500 - LIB1M + 0.35% 1 990 500 - LIB1M + 0.35% 2 229 200 - LIB1M - 0.40% 2 018 900 - LIB1M + 0.35% 1 384 200 - STIB1M SEK + 0.35% SEK 20 196 000 - LIB1M - 0.40% 340 480 - LIB1M - 0.40% 3 096 280 5 952 NIB1M NOK + 0.35% NOK 14 120 000 - LIB1M - 1.50% 434 400 - LIB1M + 0.35% 1 917 930 - LIB1M - 0.40% 3 029 463 - LIB1M + 0.35% 3 252 750 - LIB1M - 0.40% 1 553 017 - LIB1M + 0.35% 1 455 000 - LIB1M GBP - 0.40% GBP 1 840 782 - LIB1M GBP + 0.35% GBP 3 498 691 - LIB1M - 0.40% 1 625 500-21
Notes to the Annual Report Derivative financial instruments (continued) Swaps (continued) Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND (continued) Type* Counterparty - Underlying Nominal Maturity date CFD DEUTSCHE BANK - WPP PLC SHS GBP 2 244 000 1 January 2040 Interest rate paid Commitment Unrealised profit/loss LIB1M GBP + 0.35% GBP 2 244 000 - -3 153 Julius Baer Multistock - OPE STOCK FUND Type* Counterparty - Underlying Nominal Maturity date CFD DEUTSCHE BANK - BHP BILLITON PLC GBP 504 600 1 January 2040 CFD DEUTSCHE BANK - CARREFOUR S.A. -23 581 1 January 2040 CFD DEUTSCHE BANK - RECKITT BENCKISER GROUP PLC GBP 929 600 1 January 2040 Interest rate paid Commitment Unrealised profit/loss LIB1M GBP + 0.35% GBP 504 600 - LIB1M - 0.40% 23 581 - LIB1M GBP + 0.35% GBP 929 600 - - * CFD = Contract For Difference 22
Additional Information for Swiss Shareholders (unaudited) Portfolio Turnover Rate (in %) Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND 713.90% AFRICA OPPORTUNITIES FUND 139.81% AGRICULTURE FUND 339.97% ASIA STOCK FUND 234.55% BIOTECH FUND -19.40% BLACK SEA FUND 96.84% CENTRAL OPE STOCK FUND 266.42% CHINDONESIA FUND 273.22% ENERGY TRANSITION FUND 49.19% O LARGE CAP STOCK FUND 32.03% OLAND VALUE STOCK FUND 79.57% OPE SELECTION FUND 313.76% OPE SMALL & MID CAP STOCK FUND 34.48% OPE STOCK FUND 224.70% GERMAN VALUE STOCK FUND 98.12% GLOBAL EMERGING MARKETS STOCK FUND 236.63% NEW WORLD OPPORTUNITIES FUND (formerly GLOBAL SELECTION FUND) 221.90% GLOBAL EQUITY INCOME FUND (formerly GLOBAL STOCK FUND) 227.98% HEALTH OPPORTUNITIES FUND 43.53% INFRASTRUCTURE FUND 78.24% JAPAN STOCK FUND 74.84% JULIUS BAER EQUITY FUND SPECIAL VALUE 28.49% LUXURY BRANDS FUND -20.07% NATURAL RESOURCES FUND 262.23% NORTHERN AFRICA FUND 2.30% RUSSIA FUND 62.94% SWISS SMALL & MID CAP STOCK FUND 11.46% SWISS STOCK FUND 8.90% US LEADING STOCK FUND -20.01% US VALUE STOCK FUND 104.69% PTR is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). 23
Additional Information for Swiss Shareholders (unaudited) Benchmarks Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND BBA LIBOR 3 Months AFRICA OPPORTUNITIES FUND S&P Africa 40 ND* AGRICULTURE FUND n/a ASIA STOCK FUND MSCI AC Asia ex Japan ND* BIOTECH FUND Nasdaq Biotech Index TR BLACK SEA FUND MSCI EM Europe ND* CENTRAL OPE STOCK FUND MSCI EM Europe 10/40 ND* CHINDONESIA FUND n/a ENERGY TRANSITION FUND n/a O LARGE CAP STOCK FUND O STOXX 50 ND OLAND VALUE STOCK FUND MSCI EMU ND * OPE SELECTION FUND MSCI Europe ND* OPE SMALL & MID CAP STOCK FUND MSCI Europe Small Cap ND* OPE STOCK FUND MSCI Europe ND* GERMAN VALUE STOCK FUND Composite DAX Index (CDAX) GD** GLOBAL EMERGING MARKETS STOCK FUND MSCI Emerging Markets ND* NEW WORLD OPPORTUNITIES FUND MSCI World ND* (formerly GLOBAL SELECTION FUND) GLOBAL EQUITY INCOME FUND MSCI World ND* (formerly GLOBAL STOCK FUND) HEALTH OPPORTUNITIES FUND MSCI World Health Care ND* INFRASTRUCTURE FUND Macquarie Global Infrastructure Index Main GD** JAPAN STOCK FUND MSCI Japan / ND* JULIUS BAER EQUITY FUND SPECIAL VALUE MSCI World ND* LUXURY BRANDS FUND n/a NATURAL RESOURCES FUND n/a NORTHERN AFRICA FUND n/a RUSSIA FUND MSCI Russia 10/40 ND* SWISS SMALL & MID CAP STOCK FUND Swiss Performance Index (SPI) Small- & Mid-Cap GD** SWISS STOCK FUND Swiss Performance Index (SPI) GD** US LEADING STOCK FUND S&P 500 GD** US VALUE STOCK FUND MSCI USA ND * * ND= net dividend ** GD = gross dividend 24
Additional Information for Swiss Shareholders (unaudited) Performance * Julius Baer Multistock - Currency Shares 1 Year 3 Years Since Start Perf. Benchmark Perf. Benchmark Perf. Benchmark ABSOLUTE RETURN OPE EQUITY FUND CHF Ah 2.60% 0.04% - - 3.66% 0.13% ABSOLUTE RETURN OPE EQUITY FUND CHF Bh 2.59% 0.04% - - 3.81% 0.13% ABSOLUTE RETURN OPE EQUITY FUND CHF Ch 3.14% 0.04% - - 4.81% 0.13% ABSOLUTE RETURN OPE EQUITY FUND A 2.81% 0.20% - - 12.80% 2.26% ABSOLUTE RETURN OPE EQUITY FUND B 2.80% 0.20% - - 12.69% 2.26% ABSOLUTE RETURN OPE EQUITY FUND C 3.37% 0.20% - - 14.76% 2.26% ABSOLUTE RETURN OPE EQUITY FUND Ca 3.37% 0.20% - - 14.70% 2.26% ABSOLUTE RETURN OPE EQUITY FUND E 2.12% 0.20% - - 10.69% 2.26% ABSOLUTE RETURN OPE EQUITY FUND GBP Ah 3.41% 0.60% - - 3.59% 1.04% ABSOLUTE RETURN OPE EQUITY FUND GBP Bh 3.34% 0.60% - - 3.53% 1.04% ABSOLUTE RETURN OPE EQUITY FUND GBP Ch 3.84% 0.60% - - 4.24% 1.04% ABSOLUTE RETURN OPE EQUITY FUND Ah 3.07% 0.35% - - 2.62% 0.65% ABSOLUTE RETURN OPE EQUITY FUND Bh 3.06% 0.35% - - 2.62% 0.65% ABSOLUTE RETURN OPE EQUITY FUND Ch 3.60% 0.35% - - 3.42% 0.65% AFRICA OPPORTUNITIES FUND A -19.43% - - - -25.00% - AFRICA OPPORTUNITIES FUND B -19.47% - - - -25.07% - AFRICA OPPORTUNITIES FUND C -18.92% - - - -24.30% - AFRICA OPPORTUNITIES FUND E -20.08% - - - -25.85% - AGRICULTURE FUND CHF A 1.19% - 0.57% - -36.87% - AGRICULTURE FUND CHF B 1.20% - 0.57% - -36.87% - AGRICULTURE FUND CHF C 2.05% - 3.06% - -34.28% - AGRICULTURE FUND A -1.10% - 8.24% - -17.40% - AGRICULTURE FUND B -1.10% - 8.24% - -17.40% - AGRICULTURE FUND C -0.30% - 10.88% - -14.01% - AGRICULTURE FUND E -1.85% - 5.83% - -20.43% - AGRICULTURE FUND A 1.25% - 14.78% - -31.82% - AGRICULTURE FUND B 1.25% - 14.80% - -31.81% - AGRICULTURE FUND C 2.07% - 17.50% - -29.09% - AGRICULTURE FUND E 0.51% - 12.24% - -34.36% - ASIA STOCK FUND A 1.02% 8.86% 1.81% 18.49% 54.34% 265.50% ASIA STOCK FUND B -0.18% 8.86% 0.59% 18.49% 52.62% 265.50% ASIA STOCK FUND C 0.51% 8.86% 2.71% 18.49% 54.28% 134.72% ASIA STOCK FUND E -0.92% 8.86% -1.63% 18.49% 76.04% 240.74% BIOTECH FUND A 30.35% 34.48% 110.44% 127.97% 83.00% -** BIOTECH FUND B 30.35% 34.48% 110.44% 127.97% 83.00% -** BIOTECH FUND C 31.20% 34.48% 114.69% 127.97% 90.26% -** BIOTECH FUND E 29.38% 34.48% 105.89% 127.97% 76.08% -** BLACK SEA FUND CHF A 13.38% 3.15% -9.57% -4.03% -75.91% -41.55% BLACK SEA FUND CHF B 13.36% 3.15% -9.61% -4.03% -75.91% -41.55% BLACK SEA FUND CHF C 14.38% 3.15% -7.10% -4.03% -74.47% -41.55% BLACK SEA FUND A 10.70% 0.75% -2.88% 3.08% -67.89% -23.49% BLACK SEA FUND B 10.69% 0.75% -2.87% 3.08% -67.89% -23.49% BLACK SEA FUND C 11.69% 0.75% -0.23% 3.08% -65.99% -23.49% * The information and returns relate to the past reporting period and are not indicative of future income. (Sub-fund performance is calculated in accordance with the relevant SFA Guidelines on the Calculation and Publication of Performance Data of Collective Investment Schemes.) ** The benchmark for the share class changed during the financial year, a benchmark was added or the sub-fund s investment policy was modified. For this reason, no performance was reported. 25
Additional Information for Swiss Shareholders (unaudited) Performance * (continued) Julius Baer Multistock - Currency Shares 1 Year 3 Years Since Start Perf. Benchmark Perf. Benchmark Perf. Benchmark BLACK SEA FUND E 9.88% 0.75% -5.03% 3.08% -69.41% -23.49% BLACK SEA FUND A 13.41% 3.19% 3.05% 9.38% -69.21% -24.59% BLACK SEA FUND B 13.41% 3.19% 3.05% 9.38% -69.21% -24.59% BLACK SEA FUND C 14.42% 3.19% 5.84% 9.38% -67.39% -24.59% BLACK SEA FUND E 12.55% 3.19% 0.76% 9.38% -70.68% -24.59% CENTRAL OPE STOCK FUND A 3.65% 2.61% -5.22% 5.18% 105.57% 251.98% CENTRAL OPE STOCK FUND B 3.65% 2.61% -5.23% 5.18% 105.53% 251.98% CENTRAL OPE STOCK FUND C 4.51% 2.61% -2.90% 5.18% 122.50% 251.98% CENTRAL OPE STOCK FUND E 2.87% 2.61% -7.34% 5.18% 83.01% 217.06% CHINDONESIA FUND A 8.49% - - - -10.86% - CHINDONESIA FUND B 8.31% - - - -11.01% - CHINDONESIA FUND C 9.16% - - - -8.87% - CHINDONESIA FUND E 7.51% - - - -12.79% - ENERGY TRANSITION FUND A 11.48% - 1.46% - 28.16% - ENERGY TRANSITION FUND B 11.48% - 1.46% - 28.09% - ENERGY TRANSITION FUND C 12.22% - 3.42% - 32.31% - ENERGY TRANSITION FUND E 10.65% - -0.79% - 23.73% - ENERGY TRANSITION FUND JPY C - - - - 32.83% - ENERGY TRANSITION FUND A 14.24% - 7.78% - 31.25% - ENERGY TRANSITION FUND B 14.24% - 7.78% - 31.22% - ENERGY TRANSITION FUND C 15.00% - 9.86% - 35.54% - ENERGY TRANSITION FUND E 13.38% - 5.37% - 26.74% - O LARGE CAP STOCK FUND A 17.03% 18.44% 10.93% 12.02% 10.93% 12.02% O LARGE CAP STOCK FUND B 17.04% 18.44% 10.78% 12.02% 10.78% 12.02% O LARGE CAP STOCK FUND C 18.56% 18.44% 15.38% 12.02% 15.38% 12.02% O LARGE CAP STOCK FUND Ca 18.76% 18.44% 15.48% 12.02% 15.48% 12.02% O LARGE CAP STOCK FUND E 16.15% 18.44% 8.53% 12.02% 8.53% 12.02% OLAND VALUE STOCK FUND A 11.79% 19.20% 14.19% 16.64% 35.03% 23.71% OLAND VALUE STOCK FUND B 11.79% 19.20% 14.20% 16.64% 35.12% 23.71% OLAND VALUE STOCK FUND C 12.51% 19.20% 16.60% 16.64% 48.25% 23.71% OLAND VALUE STOCK FUND Ca 12.51% 19.20% 16.61% 16.64% -4.67% -3.29% OLAND VALUE STOCK FUND E 10.96% 19.20% 11.67% 16.64% -6.86% 11.11% OPE SELECTION FUND A 15.39% 16.06% 10.29% 27.25% -3.33% 7.14% OPE SELECTION FUND B 15.40% 16.06% 10.29% 27.25% -3.33% 7.14% OPE SELECTION FUND C 16.33% 16.06% 12.86% 27.25% 2.11% 7.14% OPE SELECTION FUND E 14.54% 16.06% 7.84% 27.25% -8.58% 7.14% OPE SMALL & MID CAP STOCK FUND A 27.99% 24.54% 42.40% 40.97% 56.17% 51.71% OPE SMALL & MID CAP STOCK FUND B 27.98% 24.54% 42.40% 40.97% 56.23% 51.71% OPE SMALL & MID CAP STOCK FUND C 29.15% 24.54% 46.59% 40.97% 10.42% 16.49% OPE SMALL & MID CAP STOCK FUND E 27.03% 24.54% 39.22% 40.97% -19.40% 20.05% OPE STOCK FUND A 15.26% 16.06% 16.79% 27.25% 177.43% 294.52% OPE STOCK FUND B 15.26% 16.06% 16.79% 27.25% 195.51% 290.17% OPE STOCK FUND C 16.12% 16.06% 19.44% 27.25% -7.44% 29.16% OPE STOCK FUND E 14.40% 16.06% 14.19% 27.25% -32.01% 16.10% * The information and returns relate to the past reporting period and are not indicative of future income. (Sub-fund performance is calculated in accordance with the relevant SFA Guidelines on the Calculation and Publication of Performance Data of Collective Investment Schemes.) 26
Additional Information for Swiss Shareholders (unaudited) Performance * (continued) Julius Baer Multistock - Currency Shares 1 Year 3 Years Since Start Perf. Benchmark Perf. Benchmark Perf. Benchmark GERMAN VALUE STOCK FUND A 23.61% 24.92% 36.87% 36.95% 397.94% 239.75% GERMAN VALUE STOCK FUND B 23.61% 24.92% 36.88% 36.95% 398.56% 239.75% GERMAN VALUE STOCK FUND C 24.59% 24.92% 40.19% 36.95% 107.24% 56.07% GERMAN VALUE STOCK FUND E 22.69% 24.92% 33.84% 36.95% 43.30% 46.47% GLOBAL EMERGING MARKETS STOCK FUND A -2.12% 0.44% -4.96% 4.12% 7.92% 32.72% GLOBAL EMERGING MARKETS STOCK FUND B -2.11% 0.44% -4.95% 4.12% 7.93% 32.72% GLOBAL EMERGING MARKETS STOCK FUND C -1.39% 0.44% -2.61% 4.12% 14.02% 32.72% GLOBAL EMERGING MARKETS STOCK FUND E -2.84% 0.44% -7.06% 4.12% 2.60% 32.72% GLOBAL EMERGING MARKETS STOCK FUND A 0.25% 2.87% 0.68% 10.49% -11.42% 12.52% GLOBAL EMERGING MARKETS STOCK FUND B 0.25% 2.87% 0.68% 10.49% -11.48% 12.52% GLOBAL EMERGING MARKETS STOCK FUND C 1.07% 2.87% 3.17% 10.49% -6.89% 12.52% GLOBAL EMERGING MARKETS STOCK FUND E -0.48% 2.87% -1.54% 10.49% -15.42% 12.52% NEW WORLD OPPORTUNITIES FUND A -** -** -** -** -6.00% -0.66% NEW WORLD OPPORTUNITIES FUND B -** -** -** -** -6.00% -0.66% NEW WORLD OPPORTUNITIES FUND C -** -** -** -** -6.02% -0.66% NEW WORLD OPPORTUNITIES FUND E -** -** -** -** -5.91% -0.66% GLOBAL EQUITY INCOME FUND A -** -** -** -** -2.79% -0.66% GLOBAL EQUITY INCOME FUND B -** -** -** -** -2.78% -0.66% GLOBAL EQUITY INCOME FUND C -** -** -** -** -2.65% -0.66% GLOBAL EQUITY INCOME FUND E -** -** -** -** -2.94% -0.66% HEALTH OPPORTUNITIES FUND A 25.53% 26.77% - - 46.91% 56.01% HEALTH OPPORTUNITIES FUND B 25.53% 26.77% - - 46.83% 56.01% HEALTH OPPORTUNITIES FUND C 26.33% 26.77% - - 49.74% 56.01% HEALTH OPPORTUNITIES FUND E 24.59% 26.77% - - 43.94% 56.01% INFRASTRUCTURE FUND CHF A 12.11% 7.92% 20.45% 13.13% -29.20% -22.97% INFRASTRUCTURE FUND CHF B 12.11% 7.92% 20.47% 13.13% -29.26% -22.97% INFRASTRUCTURE FUND CHF C 12.98% 7.92% 23.43% 13.13% -25.77% -22.97% INFRASTRUCTURE FUND A 9.53% 5.41% 29.80% 21.51% -3.71% 3.67% INFRASTRUCTURE FUND B 9.53% 5.41% 29.79% 21.51% -3.71% 3.67% INFRASTRUCTURE FUND C 10.46% 5.41% 33.05% 21.51% 1.13% 3.67% INFRASTRUCTURE FUND E 8.72% 5.41% 26.89% 21.51% -7.94% 3.67% INFRASTRUCTURE FUND A 11.90% 7.96% 36.85% 28.94% -8.52% -0.22% INFRASTRUCTURE FUND B 11.90% 7.96% 36.84% 28.94% -8.51% -0.22% INFRASTRUCTURE FUND C 12.87% 7.96% 40.27% 28.94% -3.90% -0.22% INFRASTRUCTURE FUND E 11.19% 7.96% 34.20% 28.94% -12.15% -0.22% JAPAN STOCK FUND CHF Ah - - - - 18.93% 21.59% JAPAN STOCK FUND CHF Bh - - - - 18.93% 21.59% JAPAN STOCK FUND CHF Ch - - - - 19.34% 21.59% JAPAN STOCK FUND A 15.56% 19.36% 22.27% 20.78% -5.89% -12.99% JAPAN STOCK FUND Ah - - - - -9.41% -9.20% JAPAN STOCK FUND B 14.67% 19.36% 21.28% 20.78% -6.81% -12.99% JAPAN STOCK FUND Bh - - - - -9.40% -9.20% JAPAN STOCK FUND C 15.60% 19.36% 24.48% 20.78% -1.57% -12.99% JAPAN STOCK FUND Ch - - - - -9.32% -9.20% * The information and returns relate to the past reporting period and are not indicative of future income. (Sub-fund performance is calculated in accordance with the relevant SFA Guidelines on the Calculation and Publication of Performance Data of Collective Investment Schemes.) ** The benchmark for the share class changed during the financial year, a benchmark was added or the sub-fund s investment policy was modified. For this reason, no performance was reported. 27
Additional Information for Swiss Shareholders (unaudited) Performance * (continued) Julius Baer Multistock - Currency Shares 1 Year 3 Years Since Start Perf. Benchmark Perf. Benchmark Perf. Benchmark JAPAN STOCK FUND E 13.80% 19.36% 18.59% 20.78% -11.21% -12.99% JAPAN STOCK FUND JPY A 51.46% 52.19% 47.55% 43.87% 27.87% -10.00% JAPAN STOCK FUND JPY B 48.52% 52.19% 44.68% 43.87% 25.32% -10.00% JAPAN STOCK FUND JPY C 49.73% 52.19% 48.51% 43.87% 13.41% -4.01% JAPAN STOCK FUND JPY E 47.41% 52.19% 41.47% 43.87% -1.14% 5.98% JAPAN STOCK FUND Ah - - - - -0.70% 0.11% JAPAN STOCK FUND Bh - - - - -0.69% 0.11% JAPAN STOCK FUND Ch - - - - -0.62% 0.11% JULIUS BAER EQUITY FUND SPECIAL VALUE CHF Ah 13.86% 18.54% 19.41% 29.03% 8.59% 12.42% JULIUS BAER EQUITY FUND SPECIAL VALUE CHF Bh 13.85% 18.54% 19.41% 29.03% 8.59% 12.42% JULIUS BAER EQUITY FUND SPECIAL VALUE CHF Ch 14.71% 18.54% 22.06% 29.03% 11.12% 12.42% JULIUS BAER EQUITY FUND SPECIAL VALUE A 12.04% 15.78% 24.30% 38.58% 20.41% 19.63% JULIUS BAER EQUITY FUND SPECIAL VALUE B 12.05% 15.78% 24.31% 38.58% 20.41% 19.63% JULIUS BAER EQUITY FUND SPECIAL VALUE C 12.95% 15.78% 27.26% 38.58% 26.59% 19.63% JULIUS BAER EQUITY FUND SPECIAL VALUE E 11.22% 15.78% 21.56% 38.58% 13.80% 19.63% JULIUS BAER EQUITY FUND SPECIAL VALUE Ah 13.69% 18.58% - - 8.92% 17.05% JULIUS BAER EQUITY FUND SPECIAL VALUE Bh 13.70% 18.58% - - 8.92% 17.05% JULIUS BAER EQUITY FUND SPECIAL VALUE Ch 14.59% 18.58% - - 23.33% 35.49% LUXURY BRANDS FUND CHF A 21.86% - 53.95% - 44.39% - LUXURY BRANDS FUND CHF B 21.87% - 53.96% - 44.38% - LUXURY BRANDS FUND CHF C 22.79% - 57.57% - 50.67% - LUXURY BRANDS FUND A 19.01% - 65.39% - 88.59% - LUXURY BRANDS FUND B 19.01% - 65.40% - 88.60% - LUXURY BRANDS FUND C 19.92% - 69.25% - 96.77% - LUXURY BRANDS FUND E 18.13% - 61.73% - 81.19% - LUXURY BRANDS FUND GBP B 26.06% - - - 17.10% - LUXURY BRANDS FUND GBP C 27.01% - - - 19.52% - LUXURY BRANDS FUND A 21.91% - 75.49% - 65.56% - LUXURY BRANDS FUND B 21.91% - 75.49% - 65.56% - LUXURY BRANDS FUND C 22.84% - 79.58% - 72.83% - LUXURY BRANDS FUND E 21.01% - 71.58% - 59.04% - NATURAL RESOURCES FUND CHF A -4.21% - -11.95% - -43.04% - NATURAL RESOURCES FUND CHF B -4.20% - -11.95% - -43.04% - NATURAL RESOURCES FUND CHF C -3.41% - -9.65% - -40.29% - NATURAL RESOURCES FUND A -6.47% - -5.45% - -23.05% - NATURAL RESOURCES FUND B -6.47% - -5.45% - -23.04% - NATURAL RESOURCES FUND C -5.68% - -2.98% - -19.29% - NATURAL RESOURCES FUND E -7.17% - -7.56% - -26.15% - NATURAL RESOURCES FUND A -4.15% - 0.37% - -29.30% - NATURAL RESOURCES FUND B -4.16% - 0.37% - -29.32% - NATURAL RESOURCES FUND C -3.36% - 2.99% - -25.86% - NATURAL RESOURCES FUND E -4.87% - -1.85% - -32.16% - NORTHERN AFRICA FUND CHF A -11.95% - -35.87% - -47.44% - NORTHERN AFRICA FUND CHF B -11.95% - -35.87% - -47.45% - * The information and returns relate to the past reporting period and are not indicative of future income. (Sub-fund performance is calculated in accordance with the relevant SFA Guidelines on the Calculation and Publication of Performance Data of Collective Investment Schemes.) 28
Additional Information for Swiss Shareholders (unaudited) Performance * (continued) Julius Baer Multistock - Currency Shares 1 Year 3 Years Since Start Perf. Benchmark Perf. Benchmark Perf. Benchmark NORTHERN AFRICA FUND CHF C -11.10% - -34.00% - -44.56% - NORTHERN AFRICA FUND A -14.00% - -31.16% - -29.07% - NORTHERN AFRICA FUND B -14.00% - -31.04% - -28.94% - NORTHERN AFRICA FUND C -13.18% - -29.14% - -25.19% - NORTHERN AFRICA FUND E -14.64% - -32.67% - -31.90% - NORTHERN AFRICA FUND A -11.93% - -26.98% - -35.08% - NORTHERN AFRICA FUND B -11.92% - -26.96% - -35.05% - NORTHERN AFRICA FUND C -11.08% - -24.86% - -31.55% - NORTHERN AFRICA FUND E -12.57% - -28.60% - -37.68% - RUSSIA FUND A 0.48% -2.56% -2.99% -2.32% -13.16% -20.81% RUSSIA FUND B 0.47% -2.56% -2.99% -2.32% -13.17% -20.81% RUSSIA FUND C 1.16% -2.56% -1.01% -2.32% -9.82% -20.81% RUSSIA FUND E -0.26% -2.56% -5.14% -2.32% -16.14% -20.81% RUSSIA FUND A 2.91% -0.20% 2.98% 3.65% -28.24% -34.67% RUSSIA FUND B 2.90% -0.20% 2.94% 3.65% -28.29% -34.67% RUSSIA FUND C 3.60% -0.20% 5.02% 3.65% -25.55% -34.67% RUSSIA FUND E 2.14% -0.20% 0.65% 3.65% -30.75% -34.67% SWISS SMALL & MID CAP STOCK FUND CHF A 19.37% 20.75% 12.93% 18.87% 330.71% 479.40% SWISS SMALL & MID CAP STOCK FUND CHF B 19.37% 20.75% 12.94% 18.87% 331.09% 479.40% SWISS SMALL & MID CAP STOCK FUND CHF C 20.51% 20.75% 15.96% 18.87% 99.90% 106.66% SWISS SMALL & MID CAP STOCK FUND CHF E 18.48% 20.75% 10.42% 18.87% 2.04% 60.17% SWISS STOCK FUND CHF A 25.45% 28.66% 21.44% 34.02% 331.72% 592.02% SWISS STOCK FUND CHF B 25.45% 28.66% 21.44% 34.02% 332.11% 592.02% SWISS STOCK FUND CHF C 26.42% 28.66% 24.30% 34.02% 31.78% 55.65% SWISS STOCK FUND CHF E 24.52% 28.66% 18.74% 34.02% -4.04% 39.20% US LEADING STOCK FUND A 7.48% 20.60% 50.60% 66.20% 289.02% 493.27% US LEADING STOCK FUND B 7.48% 20.60% 50.60% 66.20% 350.52% 628.81% US LEADING STOCK FUND C 8.34% 20.60% 54.33% 66.20% 41.77% 52.63% US LEADING STOCK FUND E 6.68% 20.60% 47.25% 66.20% 17.96% 61.61% US VALUE STOCK FUND A 15.13% 19.85% 45.87% 63.55% 46.57% 105.76% US VALUE STOCK FUND B 15.13% 19.85% 45.85% 63.55% 46.58% 105.76% US VALUE STOCK FUND C 16.05% 19.85% 49.40% 63.55% 68.30% 105.76% US VALUE STOCK FUND E 14.27% 19.85% 42.62% 63.55% 34.59% 105.76% * The information and returns relate to the past reporting period and are not indicative of future income. (Sub-fund performance is calculated in accordance with the relevant SFA Guidelines on the Calculation and Publication of Performance Data of Collective Investment Schemes.) 29
Julius Baer Multistock CONSOLIDATED STATEMENT OF NET ASSETS as at 30 June 2013 CHF CONSOLIDATED PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 CHF Assets Investments at market value 2 600 004 899 (Cost: 2 395 625 467) Derivative instruments at market value: - Futures 127 386 - Forward foreign exchange contracts 876 250 - Swaps -3 878 Cash at banks 75 324 135 Receivable from brokers 50 141 754 Subscriptions receivable 10 066 633 Receivables on swaps 246 177 Dividends and interest 7 366 847 Other receivables 1 038 557 Total Assets 2 745 188 760 Liabilities Bank overdraft 792 241 Payable to brokers 62 835 313 Payables for redemptions 10 916 599 Payables for swaps 1 514 954 Management fees payable 2 517 181 Performance fees 571 998 "Taxe d'abonnement" payable 257 914 Capital gains tax on unrealised gains/losses on securities 100 856 Other liabilities 1 147 104 Total Liabilities 80 654 160 Net Assets 2 664 534 600 Income Income from investments 57 407 839 Bank interest 35 630 Income from securities lending 3 014 844 Exceptional and other income, trailer fees 11 712 Interest income on swaps 139 408 Other income 828 265 Equalisation 753 205 Total Income 62 190 903 Expenses Management fees 30 481 143 Custodian fees and charges 66 981 "Taxe d'abonnement" and other taxes 1 022 514 Bank interest 76 499 Interest expense on swaps 1 447 102 Other expenses 13 681 052 Equalisation 2 016 350 Total Expenses 48 791 641 Net profit/loss 13 399 262 Realised profit/loss on: - Securities 59 899 240 - Swaps 10 730 198 - Forward foreign exchange contracts 1 500 024 - Futures -888 508 - Foreign currencies -2 690 828 Capital gains tax on realised gains/losses on securities -61 114 Equalisation 2 920 273 Net realised profit/loss 84 808 547 Net change in unrealised appreciation/ depreciation on: - Securities 259 748 181 - Swaps -393 347 - Forward foreign exchange contracts 1 059 702 - Futures 117 641 Capital gains tax on unrealised gains/losses on securities -6 015 Total profit/loss 345 334 709 CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 CHF 30 June 2013 CHF Net assets at the beginning of the financial year 2 559 207 009 2 411 649 035 Foreign exchange difference 60 420 277 424 334 Foreign exchange difference sub-fund -3 962 543 3 223 352 Total profit/loss -252 505 124 345 334 709 Net subscriptions/redemptions 50 156 535-93 599 059 Dividend distributions -1 667 119-2 497 771 Net assets at the end of the financial year 2 411 649 035 2 664 534 600 EXCHANGE RATES USED FOR THE CONSOLIDATION as at 30 June 2013 in CHF 1 = 1.22985 CHF 1 = 0.94615 CHF 1 JPY = 0.00952 CHF The accompanying notes form an integral part of the financial statements. MS
Report of the Fund Management Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND Investment policy The Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND seeks to achieve positive absolute returns, irrespective of the present market environment and at considerably lower volatility than equity markets. The sub-fund invests (long and short) in liquid equities and equityrelated securities of European companies. For the purpose of maintaining liquidity, the sub-fund also holds a portfolio of short-term fixed-income investments. The sub-fund is suitable for investors with a long-term horizon and medium to high risk tolerances who want to diversify their portfolio with an absolute-return strategy offering a low correlation with other asset classes. Market and portfolio review In the reporting year (1 July 2012 to 30 June 2013), European equity markets rose after the European central bank emphasized its commitment to buy peripheral sovereign debt at unlimited amounts if necessary. In addition, macroeconomic data indicated a stabilization of the global economy. Growth stocks and defensive sectors outperformed value and cyclical sectors. Core European equity markets outperformed southern European markets. During the reporting year, the sub-fund outperformed the benchmark 3-months-Libor (). Through the entire fiscal year, the sub-fund maintained a market neutral long-/short investment strategy and achieved the return through long-/short pair trades. The long-/short pair selection in the telecom, technology and utilities sector delivered the biggest positive contribution to the performance. On the other hand, the pair selection in the consumer staples and energy sector had a negative effect on the absolute performance. The Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND managed to maintain a very low volatility and low correlation to other asset classes. The information in this report is based on historical data and is no indication of future performance. AREE - 1
Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 164 156 887 (Cost: 164 449 798) Derivative instruments at market value: - Forward foreign exchange contracts 21 640 - Swaps -3 153 Cash at banks 5 923 900 Subscriptions receivable 3 426 884 Receivables on swaps 200 168 Dividends and interest 1 409 317 Total Assets 175 135 643 Liabilities Payable to brokers 2 999 713 Payables for redemptions 1 887 093 Payables for swaps 1 108 085 Management fees payable 94 765 Performance fees 464 861 "Taxe d'abonnement" payable 8 053 Other liabilities 9 776 Total Liabilities 6 572 346 Net Assets 168 563 297 Income Income from investments 1 735 190 Bank interest 804 Interest income on swaps 112 485 Equalisation 44 378 Total Income 1 892 857 Expenses Management fees 1 215 774 Custodian fees and charges 266 "Taxe d'abonnement" and other taxes 31 218 Bank interest 2 146 Interest expense on swaps 1 135 169 Other expenses* 589 357 Equalisation 60 386 Total Expenses 3 034 316 Net profit/loss -1 141 459 Realised profit/loss on: - Securities -1 098 187 - Swaps 6 589 429 - Forward foreign exchange contracts -643 188 - Foreign currencies -57 813 Equalisation 1 647 798 Net realised profit/loss 5 296 580 Net change in unrealised appreciation/ depreciation on: - Securities 566 451 - Swaps -5 113 - Forward foreign exchange contracts 78 146 Total profit/loss 5 936 064 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 21 629 492 216 909 955 Foreign exchange difference sub-fund 2 510-591 879 Total profit/loss -824 279 5 936 064 Net subscriptions/redemptions 196 117 082-53 679 389 Dividend distributions -14 850-11 454 Net assets at the end of the financial year 216 909 955 168 563 297 * See page 17 The TER (Total Expense Ratio) amounts to 1.30%, respectively 1.56% including the performance fee (0.26%) for A-, 1.29%, respectively 1.51% including the performance fee (0.22%) for Ah-CHF, 1.17%**, respectively 1.49%** including the performance fee (0.32%) for Ah-GBP, 1.29%, respectively 1.57% including the performance fee (0.28%) for Ah-, 1.29%, respectively 1.54% including the performance fee (0.25%) for B-, 1.29%, respectively 1.55% including the performance fee (0.26%) for Bh-CHF, 1.23%**, respectively 1.55%** including the performance fee (0.32%) for Bh-GBP, 1.27%, respectively 1.31% including the performance fee (0.04%) for Bh-, 0.69%, respectively 0.95% including the performance fee (0.26%) for Ca-, 0.70%, respectively 1.02% including the performance fee (0.32%) for C-, 0.70%, respectively 1.02% including the performance fee (0.32%) for Ch-CHF, 0.70%, respectively 1.08% including the performance fee (0.38%) for Ch-GBP, 0.69%, respectively 0.97% including the performance fee (0.28%) for Ch- and 2.05%, respectively 2.27% including the performance fee (0.22%) for E-. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. AREE - 2
Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 19 067.00 71 316.82 41 468.38 Distribution shares (Shares Ah-CHF) 10.00 26 214.85 17 178.15 Distribution shares (Shares Ah-GBP) - 10.00 10.00 Distribution shares (Shares Ah-) - 6 020.00 5 020.00 Distribution shares (Shares Ca-) 10.00 177 736.00 35 310.00 Accumulation shares (Shares B-) 52 323.50 302 486.76 219 908.12 Accumulation shares (Shares Bh-CHF) 1 860.00 54 016.00 34 748.00 Accumulation shares (Shares Bh-GBP) - 10.00 10.00 Accumulation shares (Shares Bh-) - 46 790.66 8 992.42 Accumulation shares (Shares C-) 127 408.45 1 179 874.59 1 042 391.13 Accumulation shares (Shares Ch-CHF) 10.00 55 263.15 17 394.00 Accumulation shares (Shares Ch-GBP) - 27 938.36 20 448.01 Accumulation shares (Shares Ch-) - 17 720.00 9 870.00 Accumulation shares (Shares E-) 494.48 44 273.96 47 015.58 Net Assets 21 629 492 216 909 955 168 563 297 NAV per share Distribution shares (Shares A-) 107.33 109.62 112.60 Distribution shares (Shares Ah-CHF) 99.74 101.04 103.56 Distribution shares (Shares Ah-GBP) - 100.18 103.49 Distribution shares (Shares Ah-) - 99.57 102.52 Distribution shares (Shares Ca-) 108.03 110.86 114.49 Accumulation shares (Shares B-) 107.26 109.62 112.69 Accumulation shares (Shares Bh-CHF) 99.77 101.19 103.81 Accumulation shares (Shares Bh-GBP) - 100.18 103.53 Accumulation shares (Shares Bh-) - 99.57 102.62 Accumulation shares (Shares C-) 108.03 111.02 114.76 Accumulation shares (Shares Ch-CHF) 99.74 101.62 104.81 Accumulation shares (Shares Ch-GBP) - 100.39 104.24 Accumulation shares (Shares Ch-) - 99.83 103.42 Accumulation shares (Shares E-) 106.99 108.39 110.69 Dividend for the previous financial year (Shares A-) - 0.10 0.10 Dividend for the previous financial year (Shares Ah-CHF) - - 0.10 Dividend for the previous financial year (Shares Ah-GBP) - - 0.10 Dividend for the previous financial year (Shares Ah-) - - 0.10 Dividend for the previous financial year (Shares Ca-) - 0.10 0.10 AREE - 3
Julius Baer Multistock - ABSOLUTE RETURN OPE EQUITY FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 164 156 887 97.39% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 68 159 487 40.43% Bonds 68 159 487 40.43% 68 159 487 40.43% 1 500 3.125% BAVARIA 06 S102 16.01.14 1 524 270 0.90% 5 100 3.625% BEI 03 15.10.13 5 151 663 3.05% 3 000 4.375% BNG 03 EMTN 04.07.13 3 000 390 1.78% 4 000 4.125% BNPP HM LN COV 09 15.01.14 4 082 920 2.42% 3 000 3.750% BRD 06 S25 17.10.13 3 031 440 1.80% 3 000 4.125% BRD 07 S.26 24.01.14 3 066 480 1.82% 4 000 2.000% GCE COV BDS 10 30.09.13 4 017 240 2.38% 4 000 4.000% GERMANY 08 11.10.13 4 043 600 2.40% 3 000 0.750% GERMANY 11 13.09.13 3 004 440 1.78% 3 000 0.250% GERMANY 11 13.12.13 3 003 150 1.78% 3 000 4.500% HBOS TSY SVCS 03 23.10.13 3 039 660 1.80% 4 000 4.375% KFW 08 11.10.13 4 047 400 2.40% 3 000 0.875% KFW 11 15.11.13 3 008 880 1.79% 2 000 3.250% LBK BW 09 22.01.14 2 034 060 1.21% 3 000 4.250% LD NIEDERS. 03-13 S201 24.09.13 3 028 500 1.80% 2 800 3.875% NATIONWIDE 06 05.12.13 2 842 924 1.69% 3 000 Fl. Rate NWB 08 21.11.13 3 048 150 1.81% 2 000 3.625% OEKB 08 10.12.13 2 031 000 1.20% 3 000 3.250% SFEF 09 16.01.14 3 050 100 1.81% 1 000 5.000% SPBK BOLIKR 08 10.09.13 1 009 150 0.60% 4 000 3.750% STADSHYPOTEK 06 12.12.13 4 063 320 2.41% 3 000 2.000% SWEDBK 10 31.01.14 3 030 750 1.80% CASH EQUIVALENTS 95 997 400 56.96% Treasury bills 82 999 640 49.25% 82 999 640 49.25% 4 000 0.000% FRANCE 12 BTF 25.07.13 4 000 000 2.37% 4 000 0.000% FRANCE 12 BTF 22.08.13 3 999 960 2.37% 5 000 0.000% FRANCE 13 BTF 11.07.13 5 000 000 2.97% 4 000 0.000% FRANCE 13 BTF 01.08.13 3 999 960 2.37% 3 000 0.000% FRANCE 13 BTF 29.08.13 2 999 940 1.78% 3 000 0.000% FRANCE 13 BTF 14.08.13 2 999 940 1.78% 5 000 0.000% FRANCE 13 TB 08.08.13 4 999 950 2.96% 5 000 0.000% FRANCE 13 TB 05.09.13 4 999 850 2.96% 5 000 0.000% FRANCE 13 TB 26.09.13 4 999 650 2.97% 3 000 0.000% FRANCE 13 TB 18.07.13 3 000 000 1.78% 3 000 0.000% GERMANY 12 TB 25.09.13 3 000 000 1.78% 5 000 0.000% GERMANY 13 TB 10.07.13 5 000 050 2.97% 4 000 0.000% GERMANY 13 TB 11.09.13 4 000 080 2.37% 2 000 0.000% GERMANY 13 TB 14.08.13 2 000 000 1.19% 2 000 0.000% GERMANY 13 TB 13.11.13 1 999 920 1.19% 5 000 0.000% GERMANY TB 28.08.13 5 000 050 2.97% 5 000 0.000% NETHERLANDS 13 TB 30.08.13 5 000 200 2.97% 5 000 0.000% NETHERLANDS 13 TB 31.07.13 5 000 100 2.97% 5 000 0.000% NETHERLANDS 13 TB 30.09.13 5 000 050 2.97% 3 000 0.000% NETHERLANDS 13 TB 31.10.13 3 000 300 1.78% 3 000 0.000% NETHERLANDS 13 TB 30.12.13 2 999 640 1.78% Commercial Papers 12 997 760 7.71% 12 997 760 7.71% 4 000 0.000% CZECH EX BK 13 CP 12.08.13 3 999 550 2.37% 3 000 0.000% RATP 13 CP 09.09.13 2 999 713 1.78% 2 000 0.000% UNION FI GR 13 CP 26.07.13 1 999 829 1.19% 4 000 0.000% VASTERAS 13 CP 15.10.13 3 998 668 2.37% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. AREE - 4
Report of the Fund Management Julius Baer Multistock - AFRICA OPPORTUNITIES FUND Investment policy The Julius Baer Multistock - AFRICA OPPORTUNITIES FUND invests in stocks of companies in emerging African countries. The selection of stocks is based on a bottom-up /top-down approach focused on sector and country allocations. The aim is to develop a broad-based portfolio, spread over countries and sectors, of the companies considered by the financial manager to be the most promising, in order to achieve the highest and most sustainable capital growth. The Julius Baer Multistock - AFRICA OPPORTUNITIES FUND is suitable for investors oriented towards the long term who wish to participate in the growth potential of African companies through an actively managed portfolio. Market and portfolio review During the reported period, the African region underperformed both the MSCI World and Emerging Markets. The north of the continent was the worst performing region with Egypt being the biggest detractor, followed by Morocco, respectively losing -16.2% and -12.9% in euro terms. The Sub Saharan markets were the best performing markets clearly decorrelated from the rest of the region. Nigeria and Kenya both outperformed respectively gaining +63% and +18.6% in euro. South Africa lost -5.1% due to the devaluation fo the Rand. In terms of sectors, the materials and energy were the lagging sectors, maily driven by global growth uncertainties, especially focusing on China. Whereas both the consumer discretionary and staples were the best performing sectors The Julius Baer Multistock - AFRICA OPPORTUNITIES FUND ended the fiscal year with a negative performance of -19.4% in Euro terms. Our stock selection was strong in Egypt and in Kenya where our holdings performed substancially better than the undelying indices. Our stock selection was negative in Nigeria and within the materials and energy sectors. During the reporting period, the Julius Baer Multistock - AFRICA OPPORTUNITIES FUND introduced a new benchmark, the S&P Africa 40. A portfolio restructuring took place in March 2013. The information in this report is based on historical data and is no indication of future performance. AOF - 1
Julius Baer Multistock - AFRICA OPPORTUNITIES FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 3 171 222 (Cost: 3 858 657) Cash at banks 111 836 Receivable from brokers 115 877 Subscriptions receivable 147 Dividends and interest 4 463 Other receivables 190 Total Assets 3 403 735 Liabilities Bank overdraft 31 372 Management fees payable 5 345 "Taxe d'abonnement" payable 386 Other liabilities 543 Total Liabilities 37 646 Net Assets 3 366 089 Income Income from investments 173 002 Bank interest 1 698 Income from securities lending 682 Total Income 175 382 Expenses Management fees 116 200 "Taxe d'abonnement" and other taxes 3 316 Bank interest 483 Other expenses* 17 995 Equalisation 12 676 Total Expenses 150 670 Net profit/loss 24 712 Realised profit/loss on: - Securities -1 234 178 - Forward foreign exchange contracts -10 632 - Foreign currencies -58 129 Equalisation 474 573 Net realised profit/loss -803 654 Net change in unrealised appreciation/ depreciation on: - Securities -37 070 Total profit/loss -840 724 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year - 7 369 907 Total profit/loss -715 383-840 724 Net subscriptions/redemptions 8 085 290-3 163 091 Dividend distributions - -3 Net assets at the end of the financial year 7 369 907 3 366 089 * See page 17 The TER (Total Expense Ratio) amounts to 1.81% for A- shares, 1.89% for B- shares, 1.21% for C- shares and 2.61% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. AOF - 2
Julius Baer Multistock - AFRICA OPPORTUNITIES FUND COMPARATIVE STATEMENT 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 10.00 42.00 Accumulation shares (Shares B-) 78 810.00 40 996.85 Accumulation shares (Shares C-) 10.00 2 943.00 Accumulation shares (Shares E-) 377.57 921.22 Net Assets 7 369 907 3 366 089 NAV per share Distribution shares (Shares A-) 93.08 74.85 Accumulation shares (Shares B-) 93.05 74.93 Accumulation shares (Shares C-) 93.37 75.70 Accumulation shares (Shares E-) 92.78 74.15 Dividend for the previous financial year (Shares A-) - 0.20 AOF - 3
Julius Baer Multistock - AFRICA OPPORTUNITIES FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 3 171 222 94.21% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 2 741 610 81.45% Equities 2 741 610 81.45% South Africa 786 935 23.38% 4 022 ANGLOGOLD ASHANTI LTD 43 630 1.30% 27 760 FIRSTRAND LTD /NEW 62 237 1.85% 17 070 MTN GROUP LTD 243 405 7.23% 3 960 NASPERS LTD N 224 025 6.66% 19 696 NORTHAM PLATINUM (PTY)LTD 48 843 1.45% 1 836 SASOL LTD / REG. 61 401 1.82% 11 968 STANDARD BANK GROUP LIMITED 103 394 3.07% Kenya 59 329 1.76% 70 000 EQUITY BANK LTD 19 597 0.58% 61 000 KENYA COMMERCIAL BANK 20 220 0.60% 330 000 SAFARICOM 19 512 0.58% UNLISTED SECURITIES 63 482 1.89% Equities 63 482 1.89% Nigeria 63 482 1.89% 159 652 LAFARGE CEMENT WAPCO NIGERIA 63 482 1.89% United Kingdom 655 231 19.46% 94 490 AFREN PLC 142 778 4.24% 52 800 BOWLEVEN PLC EDINBURGH 36 503 1.08% 6 604 LN MINING 7 147 0.21% 51 675 OLD MUTUAL PLC 110 327 3.28% 22 977 OPHIR ENERGY PLC 95 712 2.84% 22 497 TULLOW OIL PLC 262 764 7.81% Canada 447 706 13.31% 13 094 AFRICA OIL CORP 67 319 2.00% 24 138 FIRST QUANTUM MINERALS LTD 274 601 8.17% 23 923 IAMGOLD 77 110 2.29% 3 771 NEVSUN RESOURCES LTD 8 552 0.25% 17 804 SEMAFO INC. 20 124 0.60% Egypt 238 950 7.09% 2 640 COMMERCIAL INTL / GDR (REGS) 8 120 0.24% 36 327 COMMERCIAL INTL. BANK LTD 114 546 3.40% 51 568 JUHAYNA FOOD INDUSTRIES 52 336 1.55% 650 760 ORASCOM TEL MED 27 816 0.83% 16 843 ORASCOM TELECOM HLD / GDR (REGS) 36 132 1.07% Jersey 206 580 6.14% 4 334 RANDGOLD RESOURCES LTD 206 580 6.14% United States 197 499 5.87% 9 662 COBALT INTL ENERGY INC 197 499 5.87% Netherlands 91 395 2.72% 4 400 OCI NV -ORD- 91 395 2.72% Bermuda Islands 73 083 2.17% 22 836 AFRICAN MINERALS LTD 50 494 1.50% 2 890 KOSMOS ENERGY 22 589 0.67% France 33 635 1.00% 2 944 ETABLISSEMENT MAUREL & PROM 33 635 1.00% Ireland 10 596 0.31% 36 914 KENMARE RESOURCES PLC 10 596 0.31% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 366 130 10.87% Equities 366 130 10.87% Nigeria 306 801 9.11% 700 000 FBN HOLDINGS PLC 59 312 1.76% 741 576 GUARANTY TRUST BANK 85 301 2.53% 1 730 458 ZENITH BANK 162 188 4.82% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. AOF - 4
Julius Baer Multistock - AGRICULTURE FUND Report of the Fund Management Investment policy The Julius Baer Multistock - AGRICULTURE FUND aims to achieve long-term capital growth by investing in equities of companies involved in the agriculture value chain worldwide. The sub-fund is suitable for long-term oriented investors willing to accept higher risk and wishing to diversify their portfolios towards agriculture equities. Market and portfolio review Global equities resumed their ascent during the third quarter of 2012 and finished the year on a strong note despite concerns about the US fiscal cliff and economic malaise in Europe. The surge in global equities continued in the first half of 2013 thanks to solid corporate earnings results and favourable global liquidity dynamics. Bullish sentiment was tempered somewhat by mixed Chinese economic data and renewed European sovereign debts concerns. Global equities declined in June following seven consecutive months of gains. The Julius Baer Multistock - AGRICULTURE FUND posted positive returns, mainly due to exposure to Food Products, Oil and Gas and Building Products. The positive returns were offset by exposure to Chemicals and Machinery. Green Plains Renewable Energy, a US ethanol producer, S&W Seed, a provider of expertise in agricultural breeding and production, and Green Mountain Coffee, a company that specializes in organic, fair trade, and gourmet coffees, were top contributors. Fertilizantes Heringer, a producer and distributor of basic fertilizers, Potash, one of the world' s largest fertilizer company, and Kernel Holding, a Ukrainian oilseed and grain producing and processing company, were top detractors. The sub-fund initiated positions in Bunge, a global soybean and corn processing and trading company, and Potash; and added to Monsanto Company, a global agricultural biotechnology corporation. The sub-fund eliminated Agrium, a producer and retailer of fertilizers, Green Plain Renewable Energy and Deere & Co, a leading global agricultural equipment manufacturer. The information in this report is based on historical data and is no indication of future performance. AGF - 1
Julius Baer Multistock - AGRICULTURE FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 31 126 039 (Cost: 34 282 092) Derivative instruments at market value: - Forward foreign exchange contracts 1 557 Cash at banks 570 874 Receivable from brokers 2 304 995 Dividends and interest 14 562 Other receivables 849 Total Assets 34 018 876 Liabilities Bank overdraft 1 885 Payable to brokers 1 892 006 Payables for redemptions 40 021 Management fees payable 38 809 "Taxe d'abonnement" payable 3 424 Other liabilities 11 840 Total Liabilities 1 987 985 Net Assets 32 030 891 Income Income from investments 506 380 Bank interest 152 Income from securities lending 53 373 Exceptional and other income, trailer fees 12 379 Equalisation 45 454 Total Income 617 738 Expenses Management fees 590 113 Custodian fees and charges 2 482 "Taxe d'abonnement" and other taxes 16 530 Bank interest 198 Other expenses* 207 344 Total Expenses 816 667 Net profit/loss -198 929 Realised profit/loss on: - Securities -1 439 588 - Swaps 787 278 - Forward foreign exchange contracts 929 - Foreign currencies -67 652 Capital gains tax on realised gains/losses on securities -2 Equalisation -76 582 Net realised profit/loss -994 546 Net change in unrealised appreciation/ depreciation on: - Securities 1 689 872 - Swaps -409 088 - Forward foreign exchange contracts 1 536 Capital gains tax on unrealised gains/losses on securities 3 Total profit/loss 287 777 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 71 802 194 38 165 372 Foreign exchange difference sub-fund -5 291 750 493 487 Total profit/loss -7 164 393 287 777 Net subscriptions/redemptions -21 089 051-6 852 546 Dividend distributions -91 628-63 199 Net assets at the end of the financial year 38 165 372 32 030 891 * See page 17 The TER (Total Expense Ratio) amounts to 2.19% for A-CHF shares, 2.20% for A- shares, 2.20% for A- shares, 2.19% for B-CHF shares, 2.19% for B- shares, 2.19% for B- shares, 1.36% for C-CHF shares, 1.36% for C- shares, 1.36%** for C- shares, 2.95% for E- shares and 2.95%** for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. AGF - 2
Julius Baer Multistock - AGRICULTURE FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-CHF) 34 979.05 34 606.91 33 230.72 Distribution shares (Shares A-) 48 456.10 34 921.62 24 883.68 Distribution shares (Shares A-) 29 329.37 16 786.97 11 067.68 Accumulation shares (Shares B-CHF) 62 532.15 56 037.06 47 633.63 Accumulation shares (Shares B-) 154 219.45 112 002.44 88 216.42 Accumulation shares (Shares B-) 275 328.71 145 779.15 114 920.01 Accumulation shares (Shares C-CHF) 11 010.00 11 010.00 11 010.00 Accumulation shares (Shares C-) 35 791.50 28 416.93 37 454.82 Accumulation shares (Shares C-) 33 160.00 714.00 362.00 Accumulation shares (Shares E-) 28 183.94 15 620.67 8 769.89 Accumulation shares (Shares E-) 4 950.28 4 138.84 2 418.02 Net Assets 71 802 194 38 165 372 32 030 891 NAV per share Distribution shares (Shares A-CHF) 67.64 61.32 61.48 Distribution shares (Shares A-) 89.20 82.18 80.62 Distribution shares (Shares A-) 82.14 66.21 66.42 Accumulation shares (Shares B-CHF) 68.06 62.38 63.13 Accumulation shares (Shares B-) 89.67 83.52 82.60 Accumulation shares (Shares B-) 82.62 67.35 68.19 Accumulation shares (Shares C-CHF) 69.70 64.40 65.72 Accumulation shares (Shares C-) 91.85 86.25 85.99 Accumulation shares (Shares C-) 84.59 69.47 70.91 Accumulation shares (Shares E-) 87.69 81.07 79.57 Accumulation shares (Shares E-) 80.72 65.31 65.64 Dividend for the previous financial year (Shares A-CHF) 0.35 0.70 0.60 Dividend for the previous financial year (Shares A-) 0.35 0.90 0.70 Dividend for the previous financial year (Shares A-) 0.35 0.80 0.65 AGF - 3
Julius Baer Multistock - AGRICULTURE FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 31 126 039 97.18% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 31 057 563 96.97% Equities 31 057 563 96.97% United States 12 851 818 40.14% 24 105 AGCO CORP. 1 209 830 3.78% 3 865 ANDERSONS INC 205 579 0.64% 21 070 ARCHER-DANIELS MIDLAND CO 714 484 2.23% 5 630 CERES INC 17 622 0.06% 5 460 CF INDUSTRIES HOLDING INC 936 390 2.92% 5 100 FMC CORP. 311 406 0.97% 15 265 INTERNATIONAL PAPER CO 676 392 2.11% 22 915 KRAFT FOODS GROUP INC 1 280 261 4.00% 10 305 LIMONEIRA CO 213 623 0.67% 28 127 MONSANTO CO 2 778 948 8.68% 6 565 MONSTER BEVERAGE CORP 398 955 1.25% 32 417 MOSAIC CO 1 744 359 5.45% 14 000 TITAN INTERNATIONAL INC. 236 180 0.74% 24 285 TRIMBLE NAVIGATION LTD 631 653 1.97% 55 855 TYSON FOODS INC. -A- 1 434 356 4.48% 2 000 ZOETIS INC -A- 61 780 0.19% Bermuda Islands 3 604 060 11.26% 1 100 421 ASIAN CITRUS HLDGS 394 410 1.23% 43 000 BUNGE LTD 3 043 111 9.51% 29 281 PURECIRCLE LTD. REGISTERED 166 539 0.52% Canada 3 189 542 9.95% 12 360 CERES GLOBAL AG / IPO 76 858 0.24% 6 325 ECOSYNTHETIX INC 26 081 0.08% 127 553 GLG 51 021 0.16% 17 195 MAPLE LEAF FOODS INC 238 459 0.74% 73 550 POTASH CORP SASKATCHEWAN 2 797 123 8.73% Brazil 1 753 507 5.47% 160 700 ALL AMERICA /CONV 688 179 2.15% 167 670 JBS AS 491 082 1.53% 88 945 MINERVA SA 417 939 1.30% 18 250 SLC AGRICOLA SA OPR 156 307 0.49% Italy 1 673 946 5.23% 150 356 FIAT INDUSTRIAL SPA 1 673 946 5.23% Luxembourg 1 225 526 3.83% 47 920 ADECOAGRO SA 299 500 0.94% 50 315 KERNEL HOLDING SA 724 968 2.26% 11 515 MHP GLOBAL NOMINATIVE / GDR 201 058 0.63% Norway 1 044 543 3.26% 1 035 395 MARINE HARVEST ASA 1 044 543 3.26% Singapore 1 032 075 3.22% 256 555 BUMITAMA AGRI LTD 202 283 0.63% 138 145 FIRST RESSOURCES LTD 193 335 0.60% 256 260 WILMAR INTERNATIONAL LTD 636 457 1.99% Thailand 423 737 1.32% 427 910 CHAROEN POK /FOREIGN REG 355 264 1.11% 115 420 THAI VEGETABL.OIL/FOREIGN REG 68 473 0.21% Spain 379 096 1.18% 18 482 EBRO FOODS SHS 379 096 1.18% Australia 322 593 1.01% 302 511 AUSTRALIAN AGRICULTURAL COMP. 322 593 1.01% Japan 275 599 0.86% 28 970 NIHON NOHYAKU CO LTD 275 599 0.86% Papua New Guinea 239 855 0.75% 31 948 NEW BRITAIN PALM OIL LTD 239 855 0.75% Cayman Islands 230 110 0.72% 37 885 CHINA MENGNIU DAIRY CO LTD 135 542 0.42% 330 405 CHINA MODERN DAIRY HODLINGS 94 568 0.30% Israel 226 904 0.71% 14 205 EVOGENE LTD 86 978 0.27% 14 177 ISRAEL CHEMICALS 139 926 0.44% China 217 398 0.68% 284 525 CHINA BLUECHEMICAL LTD -H- 173 877 0.54% 79 055 FIRST TRACTOR CO LTD H 43 521 0.14% India 212 529 0.66% 16 048 MCLEOD RUSSEL INDIA LTD / DEMAT. 77 992 0.24% 666 237 REI AGRO 134 537 0.42% United Kingdom 202 030 0.63% 9 730 GENUS PLC HAMPSHIRE 202 030 0.63% Cyprus 166 974 0.52% 32 740 ROS AGRO PLC / GDR 166 974 0.52% Russia 148 553 0.46% 4 488 URALKALITY / GDR 148 553 0.46% Denmark 81 268 0.25% 178 090 TRIGON AGRI A/S 81 268 0.25% Indonesia 35 495 0.11% 366 950 BW PLANTATION 35 495 0.11% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 68 476 0.21% Equities 68 476 0.21% Zambia 68 476 0.21% 103 789 ZAMBEEF PRODUCT PLC 68 476 0.21% Belgium 1 026 708 3.21% 11 375 AB INBEV /SADR 1 026 708 3.21% Mauritius 493 697 1.54% 1 118 135 GOLDEN AGRI - RESOURCES LTD 493 697 1.54% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. AGF - 4
Julius Baer Multistock - ASIA STOCK FUND Report of the Fund Management Investment policy The Julius Baer Multistock - ASIA STOCK FUND aims to achieve long-term capital growth by actively investing in Asian (ex Japan) stocks. The investment strategy is based on a top-down approach as regards determination of the country allocation as well as on a bottom-up share selection. The sub-fund is suitable for investors who wish to participate in the economic development of Asian economies and have a long-term investment horizon as well as a high degree of risk tolerance. Market and portfolio review The second half of 2012 started amidst fear of an EU meltdown and Asian indices remained volatile. Last quarter of 2012 saw stronger markets as the Fed announced the launch of the third quantitative easing program. Market traded sideways during most of 2013 as concerns grew around the end of QE in the US and a liquidity crunch in the Chinese banking system. Overall, South East Asian high-growth markets benefited the most from global easy monetary conditions prevailing during the last twelve months as yields shrunk and currencies appreciated. After reaching all time high levels, local indices corrected heavily and underperformed the broad region in May and June 2013. The Julius Baer Multistock - ASIA STOCK FUND underperformed during the period under review. Generally, the strategic focus on the value segment of the market contributed negatively to the sub-fund's performance. From a country perspective, the overweight in China, India and the underweight in Malaysia and Taiwan also detracted from the performance. The overweight in Indonesia and Philippines could somehow mitigate the results. At single stock level, individual investments in IT, Korean materials and Chinese energy generated negative contribution to the portfolio. On the positive side, investments in Philippino and Indonesian infrastructure, Chinese consumers and utilities stocks contributed positively to the overall performance. The Julius Baer Multistock - ASIA STOCK FUND increased its overall exposure to India during the period under review while investments in materials, energy and capital goods got reduced. The initial overweight in China was also reduced and the proceeds where invested in Philippines and Taiwan. The information in this report is based on historical data and is no indication of future performance. ASF - 1
Julius Baer Multistock - ASIA STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 72 542 150 (Cost: 72 695 855) Cash at banks 3 887 181 Receivable from brokers 5 522 290 Subscriptions receivable 1 992 Dividends and interest 513 290 Other receivables 5 111 Total Assets 82 472 014 Liabilities Bank overdraft 19 Payable to brokers 5 050 590 Payables for redemptions 3 231 Management fees payable 81 378 "Taxe d'abonnement" payable 8 703 Capital gains tax on unrealised gains/losses on securities 69 583 Other liabilities 178 048 Total Liabilities 5 391 552 Net Assets 77 080 462 Income Income from investments 1 812 497 Bank interest 61 Income from securities lending 22 619 Equalisation 56 487 Total Income 1 891 664 Expenses Management fees 1 243 189 Custodian fees and charges 5 563 "Taxe d'abonnement" and other taxes 41 315 Bank interest 2 709 Other expenses* 654 150 Total Expenses 1 946 926 Net profit/loss -55 262 Realised profit/loss on: - Securities 1 059 623 - Forward foreign exchange contracts -684 - Foreign currencies -281 670 Capital gains tax on realised gains/losses on securities -34 394 Equalisation -164 075 Net realised profit/loss 523 538 Net change in unrealised appreciation/ depreciation on: - Securities 564 311 Capital gains tax on unrealised gains/losses on securities -5 956 Total profit/loss 1 081 893 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 132 535 694 96 244 891 Total profit/loss -22 027 778 1 081 893 Net subscriptions/redemptions -14 174 012-20 035 916 Dividend distributions -89 013-210 406 Net assets at the end of the financial year 96 244 891 77 080 462 * See page 17 The TER (Total Expense Ratio) amounts to 2.14% for A- shares, 2.14% for B- shares, 1.44% for C- shares and 2.88% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ASF - 2
Julius Baer Multistock - ASIA STOCK FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 150 380.26 147 557.13 145 735.33 Accumulation shares (Shares B-) 532 326.78 462 562.45 355 234.42 Accumulation shares (Shares C-) 50 889.07 42 934.79 32 002.44 Accumulation shares (Shares E-) 21 019.28 10 935.46 8 663.89 Net Assets 132 535 694 96 244 891 77 080 462 NAV per share Distribution shares (Shares A-) 133.71 110.82 109.28 Accumulation shares (Shares B-) 183.54 152.90 152.62 Accumulation shares (Shares C-) 200.64 168.31 169.17 Accumulation shares (Shares E-) 214.77 177.58 175.95 Dividend for the previous financial year (Shares A-) 0.75 0.60 1.45 ASF - 3
Julius Baer Multistock - ASIA STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 72 542 150 94.11% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 70 766 550 91.81% Equities 70 763 793 91.81% Republic of Korea 13 572 194 17.61% 58 000 HYUNDAI FIRE & MARINE INS CO 1 539 482 2.00% 8 300 HYUNDAI MOBIS 1 984 928 2.58% 4 500 LOTTE SHOPPING LTD 1 399 410 1.82% 7 250 POSCO 1 895 774 2.46% 5 744 SAMSUNG ELECTRONICS CO LTD 6 752 600 8.75% Hong Kong 12 135 691 15.75% 266 600 AIA GROUP 1 128 978 1.46% 316 000 CATHAY PACIFIC AIRWAYS 552 378 0.72% 145 460 CHEUNG KONG HOLDINGS HKD0.5 1 972 647 2.56% 2 182 000 CHINA AGRI INDUSTRIES HOLDINGS 956 365 1.24% 370 600 CHINA INSURANCE INTERNATIONAL 573 293 0.74% 193 500 CHINA MOBILE LTD 2 020 487 2.62% 122 500 CLP HOLDINGS LTD 990 923 1.29% 78 200 HANG SENG BANK LTD 1 156 272 1.50% 566 000 HONGKONG+SHANGH.HOTELS 919 342 1.19% 57 000 HUTCHISON WHAMP / HK0.25 599 223 0.78% 616 000 NEW WORLD DEVELOPMENT CO. LTD 852 855 1.11% 32 000 SUN HUNG KAI PROPERTIES LTD 412 928 0.54% Taiwan 10 452 311 13.55% 2 980 400 CHINA PETROCHEMICAL DEVELOP. 1 509 431 1.96% 250 000 CLEVO COMPANY 423 428 0.55% 220 000 DELTA ELECTRONIC INDUSTRIAL 997 296 1.29% 490 000 FAR EASTONE TELECOM. CO LTD 1 309 968 1.70% 1 000 000 INVENTEC CORPORATION 554 607 0.72% 6 650 000 SHIN KONG FINANCIAL HLD CO LTD 2 230 550 2.88% 320 000 TAIWAN MOBILE CORP. 1 259 323 1.63% 120 313 TAIWAN SEMICOND. MANUFACT 443 511 0.58% 1 020 000 WEI CHUAN FOOD CORP 1 724 197 2.24% China 8 922 339 11.58% 824 000 AIR CHINA LTD -H- 592 722 0.77% 1 668 000 AVICHINA INDUST.&TECHN./-H- 862 244 1.12% 3 089 000 BANK OF COMMUNICATIONS CO -H- 1 991 030 2.58% 2 886 000 CHINA CONSTRUCTION BANK CO -H- 2 042 484 2.65% 400 000 CHINA OILFIELD SERVICES -H- 782 748 1.02% 239 600 CHINA PACI INSU(GROUP) LTD -H- 764 455 0.99% 812 000 CHINA PETROLEUM & CHEM CORP H 571 530 0.74% 2 258 000 DATANG INT. POWER GENERATION -H- 922 727 1.20% 91 000 GREAT WALL MOTOR CO LTD -H- 392 399 0.51% Bermuda Islands 2 869 705 3.72% 1 668 000 BEIJING ENTERPRISES WATER GP 597 765 0.78% 5 500 000 NAM 1 174 005 1.52% 170 000 ORIENT OVERSEAS (INTERNATIONAL) 1 097 935 1.42% Philippines 1 793 817 2.33% 2 000 000 ALLIANCE GLOBAL GROUP INC 1 084 824 1.41% 17 992 000 FILINVEST LAND INC 708 993 0.92% Singapore 1 752 312 2.27% 143 000 DBS GROUP HOLDINGS LTD 1 752 312 2.27% Indonesia 1 724 507 2.24% 700 000 PT INDOCEMENT TUNGGAL / DEMAT. 1 724 507 2.24% Malaysia 1 547 081 2.01% 470 000 MALAYAN BANKING BERHAD 1 547 081 2.01% Thailand 1 453 469 1.89% 230 000 KASIKORNBANK PUB. COMP. / FOR. REG 1 453 469 1.89% Options, warrants, rights 2 757 0.00% MYR 2 757 0.00% 9 519 SUNWAY 10-2015 CW / SUNWAY 2 757 0.00% UNLISTED SECURITIES 0 0.00% Equities 0 0.00% Malta 0 0.00% 771 600 BGP HOLDINGS 0 0.00% Luxembourg 0 0.00% 1 000 000 GMS POWER PUBL. CO LTD / FOR. REG. 0 0.00% Options, warrants, rights 0 0.00% HKD 0 0.00% 7 700 RIGHTS NEW WLD DEV 0 0.00% INVESTMENT FUNDS 1 775 600 2.30% Luxembourg 1 775 600 2.30% 20 000 JULIUS BAER MULTISTOCK CHINDONESIA -C- CAP 1 775 600 2.30% India 8 280 444 10.73% 110 000 BANK OF BARODA / DEMATERIALISED 1 065 740 1.38% 110 000 ICICI BK LTD / DEMATERIALISED 1 987 308 2.58% 461 000 ITC LTD / DEMAT 2 548 738 3.30% 47 000 MARUTI SUZUKI INDIA LTD 1 211 468 1.57% 310 000 TATA MOTORS 1 467 190 1.90% Cayman Islands 6 259 923 8.13% 138 500 AAC TECHNOLOGIE SHS 782 013 1.01% 308 000 CHINA SHINEWAY PHARMA GRP LTD 489 955 0.64% 252 000 MINTH GROUP LTD 391 776 0.51% 20 600 QIHOO 360 TECHN /ADR 962 226 1.25% 480 000 REAL 548 233 0.71% 950 000 SOHO CHINA LTD 755 612 0.98% 30 600 TENCENT HOLDINGS 1 199 971 1.56% 434 000 TINGYI HLD CORP.(CAYMAN ISL.) 1 130 137 1.47% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. ASF - 4
Julius Baer Multistock - BIOTECH FUND Report of the Fund Management Investment policy The Julius Baer Multistock - BIOTECH FUND strives for long-term capital growth through investments in companies from the biotechnology sector. The portfolio is composed of shares in companies from the entire biotechnology value chain that develop innovative technology and products for the healthcare, agriculture, environment and foodstuff production sectors. The Julius Baer Multistock - BIOTECH FUND is suitable for investors with a long-term investment horizon, who wish to diversify their portfolio through investments in the biotechnology sector and who are prepared to assume a higher risk. Market and portfolio review Historically, M&A and new product lauches have been a key tenant of the biotech investment thesis. Pharma s need to replenish its product portfolio and pipeline has often resulted in it paying substantial premium for assets or collaborations with the biotech companies. In fact, several acquisitions, including Bristol Myers Squibb announcing its intention to purchase Amylin Pharmaceuticals for $5B+, a 95% premium to the pre-auction stock price have been credited with sparking prior biotech rallies. Second, several large new products such as Kyprolis for blood cancers from Onyxx (peak sales 600 million in 2015) or Kalydeco against cystic fibrosis from Vertex (pek sales 900 million in 2015) have reached commercialization during the year. Biotech sector stock performance has been very strong. The NASDAQ Biotechnology Index is up 34% over the past twelve months. The performance of Julius Baer Multistock - BIOTECH FUND was mainly driven by innovative product introductions or news flow from clinical phase III results. Celgene was an overweight due to the growth of Revlimid and pipeline newsflow (Abraxane, pomalidomide, apremilast). The Gilead position was an overweight since awaited hepatitis product readouts and filing, HIV franchise and the long-term oncology potential transformed the company. Vertex position was maintained for it's long-term cistic fibrosis prospects and nuc potential in the hepatitis area. Within the smaller cap titles position such as Biomarin, Incyte or Aegerion were added or newly bought. The information in this report is based on historical data and is no indication of future performance. BTF - 1
Julius Baer Multistock - BIOTECH FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 16 096 515 (Cost: 11 275 362) Cash at banks 483 772 Subscriptions receivable 84 486 Other receivables 145 Total Assets 16 664 918 Liabilities Payables for redemptions 365 992 Management fees payable 21 455 "Taxe d'abonnement" payable 1 849 Other liabilities 2 165 Total Liabilities 391 461 Net Assets 16 273 457 Income Income from investments 20 161 Income from securities lending 14 027 Equalisation 6 858 Total Income 41 046 Expenses Management fees 235 452 "Taxe d'abonnement" and other taxes 6 834 Bank interest 174 Other expenses* 37 588 Total Expenses 280 048 Net profit/loss -239 002 Realised profit/loss on: - Securities 3 904 078 - Foreign currencies 1 714 Equalisation -438 598 Net realised profit/loss 3 228 192 Net change in unrealised appreciation/ depreciation on: - Securities 352 314 Total profit/loss 3 580 506 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 15 977 984 16 474 559 Total profit/loss 3 272 388 3 580 506 Net subscriptions/redemptions -2 775 681-3 781 368 Dividend distributions -132-240 Net assets at the end of the financial year 16 474 559 16 273 457 * See page 17 The TER (Total Expense Ratio) amounts to 1.83% for A- shares, 1.84% for B- shares, 1.19% for C- shares and 2.57% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. BTF - 2
Julius Baer Multistock - BIOTECH FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 913.19 2 358.20 4 839.53 Accumulation shares (Shares B-) 45 725.18 40 876.21 61 742.08 Accumulation shares (Shares C-) 90 634.77 68 790.76 7 661.22 Accumulation shares (Shares E-) 755.24 3 169.01 14 981.90 Net Assets 15 977 984 16 474 559 16 273 457 NAV per share Distribution shares (Shares A-) 113.17 139.41 181.60 Accumulation shares (Shares B-) 113.85 140.39 183.00 Accumulation shares (Shares C-) 116.78 145.02 190.26 Accumulation shares (Shares E-) 111.20 136.10 176.08 Dividend for the previous financial year (Shares A-) 0.15 0.10 0.10 BTF - 3
Julius Baer Multistock - BIOTECH FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 16 096 515 98.91% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 16 096 515 98.91% Equities 16 096 515 98.91% United States 14 889 689 91.49% 4 500 AEGERION PHARMA 285 030 1.75% 10 000 ALEXION PHARMACEUTICALS INC 922 400 5.67% 5 300 ALLERGAN INC. 446 472 2.74% 11 700 AMGEN INC. 1 154 322 7.09% 31 700 AMICUS THERAPEUTICS INC 73 861 0.45% 15 955 ANACOR PHARMACEUTICALS INC 89 188 0.55% 24 500 ARIAD PHARMACEUTICALS 428 505 2.63% 3 000 BIOGEN IDEC INC 645 600 3.97% 12 000 BIOMARIN PHARMACEUTICAL INC 669 480 4.11% 11 000 CELGENE CORP. 1 286 011 7.91% 8 000 CUBIST PHARMACEUTICALS INC. 386 400 2.37% 3 000 ENDO HEALTH SOL SHS 110 370 0.68% 24 000 GILEAD SCIENCES INC. 1 229 040 7.56% 3 700 HYPERION THERAPEUTICS 81 400 0.50% 31 000 INCYTE CORP 682 000 4.19% 9 000 MEDIVATION 442 800 2.72% 23 100 NEKTAR THERAPEUTICS SYSTEMS 266 805 1.64% 8 000 NOCRINE BIOSCIENCES INC 107 040 0.66% 15 000 NPS PHARMACEUTICALS INC 226 500 1.39% 8 400 ONYX PHARMACEUTICALS INC 729 288 4.48% 13 600 OPTIMER PHARMACEUTICALS INC 196 792 1.21% 5 000 QUESTCOR PHARMACEUTICAL INC 227 300 1.40% 30 000 RAPTOR PHARM 280 500 1.72% 4 300 REGENERON PHARMACEUTICALS INC. 966 984 5.94% 3 000 SALIX PHARMACEUTICALS LTD DE 198 450 1.22% 3 600 SEATTLE GENETICS INC 113 256 0.70% 2 000 SYNAGEVA BIOPH SHS 84 000 0.52% 9 000 THERAVANCE INC 346 770 2.13% 23 000 THRESHOLD PHARMACEUTICALS 120 980 0.74% 30 399 TRIUS THERAPEUTICS INC 246 232 1.51% 6 900 UTD THERAPEUTICS CORP (DE) 454 158 2.79% 10 000 VERTEX PHARMACEUTICALS 798 700 4.91% 20 700 VIROPHARMA 593 055 3.64% Ireland 618 570 3.80% 9 000 JAZZ PHARMA 618 570 3.80% Jersey 504 083 3.10% 5 300 SHIRE PLC / ADR 504 083 3.10% Denmark 84 173 0.52% 7 000 ZEALAND PHARMA A/S 84 173 0.52% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. BTF - 4
Julius Baer Multistock - BLACK SEA FUND Report of the Fund Management Investment policy The Julius Baer Multistock - BLACK SEA FUND invests on Shares from the Black Sea region. Bottom-up approach, investing in firms with good macroeconomic, sector- and security-specific aspects that consider risk diversification. The sub-fund is suitable for investors who wish to participate in the development of the Black Sea markets over the long term and who have a very high degree of risk tolerance. With regard to diversification, the sub-fund may also be used as a supplementary investment in a globally diversified portfolio. Market and portfolio review The Black Sea Region was a mixed bag during the year, with Bulgaria beeing the best performing market, followed by Romania and Turkey. Russia, Kazakhstan and Ukraine underperformed during the reporting period. The reasons for the underperformance were a growth slowdown in China coupled with a lower oil price. Russia, Kazakhstan and Ukraine are commodity driven markets and highly dependent on Chinese growth expectations. A Chinese economic recovery will increase risk appetite. The Julius Baer Multistock - BLACK SEA FUND outperformed the reference Index during the reporting period. The underweight in Russia and the overweight in Turkey, Bulgaria and Romania have contributed positively to the sub-fund s performance. The exposure to Ukraine and Kazakhstan had a negative contribution. The overweight in Consumer Discretionary and Industrials had a positive contribution, whereas the underweight in Financials a negative one. Stock selection was one of the biggest positive contributor. Not only the stocks selected in the Consumer Discretionary and Consumer Staples sector, but also the stock selected in the Health Care and Material space developed positively. During the reporting period the overweight in Turkey was reduced in favour of Russia, locking in the profits generated in all the country. The information in this report is based on historical data and is no indication of future performance. BSF - 1
Julius Baer Multistock - BLACK SEA FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 20 833 913 (Cost: 48 447 051) Derivative instruments at market value: - Futures 56 807 Cash at banks 733 688 Receivable from brokers 602 400 Subscriptions receivable 1 247 Dividends and interest 448 234 Total Assets 22 676 289 Liabilities Bank overdraft 302 476 Payables for redemptions 13 793 Management fees payable 26 453 "Taxe d'abonnement" payable 2 382 Other liabilities 16 018 Total Liabilities 361 122 Net Assets 22 315 167 Income Income from investments 1 171 598 Bank interest 6 208 Income from securities lending 1 401 Total Income 1 179 207 Expenses Management fees 419 697 "Taxe d'abonnement" and other taxes 11 312 Bank interest 1 905 Other expenses* 271 616 Equalisation 37 905 Total Expenses 742 435 Net profit/loss 436 772 Realised profit/loss on: - Securities -57 898 - Futures -373 508 - Foreign currencies 696 Equalisation 54 240 Net realised profit/loss 60 302 Net change in unrealised appreciation/ depreciation on: - Securities 3 499 510 - Futures 34 132 Total profit/loss 3 593 944 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 55 838 111 30 418 566 Foreign exchange difference sub-fund 1 259 528-187 908 Total profit/loss -10 879 693 3 593 944 Net subscriptions/redemptions -15 790 148-11 451 501 Dividend distributions -9 232-57 934 Net assets at the end of the financial year 30 418 566 22 315 167 * See page 17 The TER (Total Expense Ratio) amounts to 2.59% for A-CHF shares, 2.59% for A- shares, 2.58% for A- shares, 2.59% for B-CHF shares, 2.59% for B- shares, 2.59% for B- shares, 1.70% for C-CHF shares, 1.68% for C- shares, 1.66% for C- shares, 3.33% for E- shares and 3.34% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. BSF - 2
Julius Baer Multistock - BLACK SEA FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-CHF) 25 668.48 20 715.58 17 618.16 Distribution shares (Shares A-) 34 632.96 26 122.43 19 710.66 Distribution shares (Shares A-) 28 641.93 19 195.76 11 109.39 Accumulation shares (Shares B-CHF) 219 302.14 182 888.43 145 029.81 Accumulation shares (Shares B-) 736 969.86 488 271.77 373 591.50 Accumulation shares (Shares B-) 216 120.14 124 747.86 89 965.55 Accumulation shares (Shares C-CHF) 21 814.03 4 010.00 4 010.00 Accumulation shares (Shares C-) 343 807.17 218 644.91 83 702.16 Accumulation shares (Shares C-) 24 390.00 24 315.00 580.00 Accumulation shares (Shares E-) 45 409.24 31 614.30 21 623.00 Accumulation shares (Shares E-) 42 060.00 34 139.00 25 915.00 Net Assets 55 838 111 30 418 566 22 315 167 NAV per share Distribution shares (Shares A-CHF) 26.08 20.76 22.36 Distribution shares (Shares A-) 34.69 28.00 29.84 Distribution shares (Shares A-) 37.52 26.59 28.98 Accumulation shares (Shares B-CHF) 26.57 21.25 24.09 Accumulation shares (Shares B-) 35.70 29.01 32.11 Accumulation shares (Shares B-) 38.19 27.15 30.79 Accumulation shares (Shares C-CHF) 27.65 22.32 25.53 Accumulation shares (Shares C-) 37.14 30.45 34.01 Accumulation shares (Shares C-) 39.74 28.50 32.61 Accumulation shares (Shares E-) 34.52 27.84 30.59 Accumulation shares (Shares E-) 36.92 26.05 29.32 Dividend for the previous financial year (Shares A-CHF) 0.15 0.10 1.15 Dividend for the previous financial year (Shares A-) 0.25 0.20 1.15 Dividend for the previous financial year (Shares A-) 0.15 0.10 1.15 BSF - 3
Julius Baer Multistock - BLACK SEA FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 20 833 913 93.36% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 9 575 727 42.93% Equities 9 575 727 42.93% Turkey 4 586 615 20.56% 154 000 DOGUS OTOMOTIV SERVIS VE TICAR 600 527 2.69% 20 000 GUBRE.FABRIKALARI.TAS 109 250 0.49% 300 000 KARDEMIR KARABUK -D- 172 249 0.77% 150 000 KOC HLD AS 553 828 2.48% 55 000 SABANCI HOLDING 222 588 1.00% 460 000 SEKERBANK 342 983 1.54% 30 000 TOFAS TURK OTOMOBIL FABRIKASI 144 139 0.65% 253 000 TURK HAVA YOLLARI AO 756 580 3.39% 65 000 TURKIYE HALK BANKASI A.S. 423 744 1.90% 310 000 TURKIYE IS BANKASI AS C 704 546 3.16% 290 000 TURKIYE VAKIFLAR BANKASI TAO 556 181 2.49% Russia 1 932 769 8.66% 11 500 MAGNIT OJSC - SGDR 503 486 2.26% 15 000 MEGAFON OJSC /GDR 359 109 1.61% 32 000 MMC NORILSK NICKEL / SADR 352 475 1.58% 41 500 PHOSAGRO OJSC / SGDR 388 826 1.74% 150 000 VNESHTORGBANK SGDR 328 873 1.47% Luxembourg 698 501 3.13% 52 000 MHP GLOBAL NOMINATIVE / GDR 698 501 3.13% Isle Of Man 697 420 3.12% 350 000 PETRO MATAD LTD 20 419 0.09% 80 000 ZHAIKMUNAI LP - GDR REG S-W / I 677 001 3.03% Netherlands 488 895 2.19% 23 000 YANDEX NV -A- 488 895 2.19% Kazakhstan 347 348 1.56% 30 000 KCELL JSC /GDR 347 348 1.56% Bulgaria 315 435 1.42% 294 BLAGOEVGRAD BT 8 045 0.04% 311 523 FIRST INVESTMENT BANK 307 390 1.38% Bermuda Islands 232 181 1.04% 30 000 VIMPELCOM SP /ADR 232 181 1.04% Romania 164 339 0.74% 56 040 C.N. TRANSELECTRICA 164 339 0.74% Australia 99 526 0.45% 421 727 ASPIRE MINING LTD 14 849 0.07% 196 923 MCB AGRICOLE HOLDING / SGDR 84 677 0.38% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 11 255 465 50.42% Equities 11 255 465 50.42% Russia 10 020 703 44.89% 350 000 AEROFLOT MOSCOW 463 509 2.08% 13 164 AKRON OJSC 384 050 1.72% 460 200 ALROSA CJSC 369 455 1.66% 4 100 ARZAMAS INSTRUMENT ENGINE FACT 222 372 1.00% 82 804 BANK ST.PETERSBURG /ISSUE 15 77 601 0.35% 8 000 BASHNEFT OJSC 345 451 1.55% 352 249 FEDERAL HYDROGENERATING COMPANY OJSC 4 128 0.02% 15 378 GAZPROM AVTOMATIZATSIYA / 3PREF 106 475 0.48% 10 635 GAZPROM AVTOMATIZATSIYA OJSC 245 451 1.10% 50 000 000 IDGC VENTER & VOL 155 826 0.70% 160 000 000 IDGC VOLGA 210 117 0.94% 1 700 000 JSC SURGUTNEFTEGAZ / PREF. 819 181 3.67% 129 700 M VIDEO COMPANY JSC 722 920 3.24% 7 500 MAGNIT JSC 1 321 031 5.91% 1 010 000 PROTEK 931 862 4.17% 605 000 SBERBANK OF RUSSIA OJSC 1 325 659 5.93% 49 952 SOLLERS JSC 831 613 3.72% 255 000 TNK-BP HOLDING 277 104 1.24% 170 TRANSNEFT OJSC MOSCOW 289 095 1.30% 162 160 000 TUPOLEV OAO MOSCOA 511 487 2.29% 1 006 000 YAKUTIA RAILWAYS JSC 406 316 1.82% Ukraine 1 061 839 4.76% 3 550 817 ALCHEVSKYY KOKSOCHIMICHNYY ZAV 40 061 0.18% 4 400 MOTOR SICH JSC 811 026 3.63% 14 763 037 OJSC KRAMATORSKY TSEM 208 893 0.94% 35 000 YASYNOVSKIY COCKING 1 859 0.01% Cyprus 134 939 0.60% 20 000 AVANGARDCO INVESTMENTS GDR 134 939 0.60% United States 37 984 0.17% 1 108 000 CASPIAN SERVICES INC 34 096 0.15% 1 178 KARAVAN REAL ESTATE LTD B 468 0.00% 21 744 440 MARANI BRAND / REST 0 0.00% 171 010 TKS REAL ESTATE PUBL COMP / GDR 3 420 0.02% UNLISTED SECURITIES 2 721 0.01% Equities 2 721 0.01% Ukraine 2 721 0.01% 31 000 EKVIN CORP OJSC 0 0.00% 500 000 RURIK REAL ESTATE INV 2 721 0.01% United States 0 0.00% 14 000 000 ONLINE AUTOMOTIVE PARTNERS LLC 0 0.00% Cyprus 5 075 0.02% 193 324 XXI CENTURY INVESTEMNTS PUBLIC 5 075 0.02% United States 4 210 0.02% 314 500 BMB MUNAI INC 4 210 0.02% Canada 3 413 0.02% 52 000 EAST ASIA MINERALS CORP 3 413 0.02% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. BSF - 4
Report of the Fund Management Julius Baer Multistock - CENTRAL OPE STOCK FUND Investment policy The Julius Baer Multistock - CENTRAL OPE STOCK FUND invests primarily in stocks of Central and Eastern European companies. The investment process currently heavily weights criteria such as market positioning, sales opportunities, transparency of shareholder information and political/economic stability. It is suitable for equity investors with a long-term approach and a very high degree of risk tolerance, who are convinced of the economic potential of the former Eastern Block countries. It is also suitable as a supplement to a globally diversified portfolio, for diversification purposes. Market and portfolio review During the last year Eastern European market was very volitile. From June 2012 till January 2013 index (MSCI EM Europe 10/40 ND) went up 21.3%. Afterwards corerection has started pushing market 10% down till April 2013. And again up 11% in May and finishing the year with 18% down in June. Overall market went up 2.6% during the last twelve months. In the positive territory finished Turkish, Polish and Hungarian market while Russian and Czech market went down. Emerging Europe index was following news coming from the weak recovery in Europe, bad data coming from China and positive developments in US. In the fiscal year the Julius Baer Multistock - CENTRAL OPE STOCK FUND outperformed the index by 1.04%. Main drivers were stockpicking in Russia, Poland and Turkey and no exposure to Czech Republic. In Russia the sub-fund was underweighting Energy sector and overweighting Consumer sector. In Poland the sub-fund was overweighting Media and Industrial sectors at cost of Banks and Utilities. The information in this report is based on historical data and is no indication of future performance. CESF - 1
Julius Baer Multistock - CENTRAL OPE STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 23 548 888 (Cost: 24 674 378) Cash at banks 415 324 Receivable from brokers 554 573 Subscriptions receivable 73 945 Dividends and interest 417 236 Other receivables 1 260 Total Assets 25 011 226 Liabilities Payable to brokers 543 127 Payables for redemptions 167 510 Management fees payable 26 363 "Taxe d'abonnement" payable 2 761 Other liabilities 14 099 Total Liabilities 753 860 Net Assets 24 257 366 Income Income from investments 1 047 659 Bank interest 1 694 Income from securities lending 890 Other income 28 686 Total Income 1 078 929 Expenses Management fees 403 953 Custodian fees and charges 18 317 "Taxe d'abonnement" and other taxes 13 259 Bank interest 3 731 Other expenses* 244 012 Equalisation 5 372 Total Expenses 688 644 Net profit/loss 390 285 Realised profit/loss on: - Securities -362 507 - Foreign currencies -13 279 Equalisation 132 158 Net realised profit/loss 146 657 Net change in unrealised appreciation/ depreciation on: - Securities 1 530 484 Total profit/loss 1 677 141 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 56 215 388 31 091 038 Total profit/loss -9 856 322 1 677 141 Net subscriptions/redemptions -15 255 530-8 458 149 Dividend distributions -12 498-52 664 Net assets at the end of the financial year 31 091 038 24 257 366 * See page 17 The TER (Total Expense Ratio) amounts to 2.34% for A- shares, 2.34% for B- shares, 1.50% for C- shares and 3.09%** for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. CESF - 2
Julius Baer Multistock - CENTRAL OPE STOCK FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 17 799.15 13 773.82 11 534.08 Accumulation shares (Shares B-) 168 862.61 131 680.16 96 806.31 Accumulation shares (Shares C-) 39 587.32 9 002.27 8 087.54 Accumulation shares (Shares E-) 4 664.08 3 259.03 2 473.99 Net Assets 56 215 388 31 091 038 24 257 366 NAV per share Distribution shares (Shares A-) 220.72 179.47 182.10 Accumulation shares (Shares B-) 242.89 198.30 205.53 Accumulation shares (Shares C-) 258.43 212.89 222.50 Accumulation shares (Shares E-) 223.35 180.99 186.19 Dividend for the previous financial year (Shares A-) 0.95 0.75 4.15 CESF - 3
Julius Baer Multistock - CENTRAL OPE STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 23 548 888 97.08% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 19 328 639 79.68% Equities 19 328 639 79.68% Russia 9 539 731 39.32% 12 000 AFK SISTEMA / SGDR 181 022 0.75% 300 000 GAZPR SPONS. ADR REPR 2 SHS 1 501 697 6.19% 33 362 GROUPE LSR / SGDR REPR. SREG S 106 745 0.44% 50 000 JSC SURGUTNEFTEGAZ / SADR 301 245 1.24% 39 500 LUKOIL / SADR REP.1 SHS. 1 744 279 7.19% 15 000 MEGAFON OJSC /GDR 359 109 1.48% 46 000 MMC NORILSK NICKEL / SADR 506 682 2.09% 40 000 MOBILE TELESYSTEMS / SADR 582 836 2.40% 9 500 NOVATEK OAO / SGDR 872 059 3.60% 14 000 OAO TATNEFT / SGDR REP.6 REGS 391 291 1.61% 40 000 PHOSAGRO OJSC / SGDR 374 772 1.54% 240 000 SBERBANK OF RUSSIA OJSC / SADR 2 103 013 8.67% 45 000 SEVERSTL CHERPVT MET / SGDR 218 996 0.90% 135 000 VNESHTORGBANK SGDR 295 985 1.22% Turkey 4 923 847 20.28% 25 926 ARCELIK AS 131 801 0.54% 73 833 ENKA INSAAT VE SANAYI AS 142 779 0.59% 265 196 ISGYO 148 036 0.61% 60 020 KOC HLD AS 221 605 0.91% 108 783 SABANCI HOLDING 440 251 1.81% 333 965 SINPAS GAYRIM YATITIM 153 134 0.63% 56 886 TOFAS TURK OTOMOBIL FABRIKASI 273 316 1.13% 12 003 TUPRAS TURKIYE PETROL RAFINEL 225 415 0.93% 101 769 TURK HAVA YOLLARI AO 304 333 1.25% 108 896 TURKCELL ILETISIM HIZMET 486 298 2.00% 274 299 TURKIYE GARANTI BANKASI /NOM. 920 894 3.80% 102 584 TURKIYE HALK BANKASI A.S. 668 760 2.76% 197 307 TURKIYE IS BANKASI AS C 448 425 1.85% 81 508 TURKIYE VAKIFLAR BANKASI TAO 156 321 0.64% 115 676 YAPI KREDI BANKASA 202 479 0.83% United Kingdom 340 923 1.41% 180 877 HMS HYDRAU/GDR 340 923 1.41% Netherlands 233 819 0.96% 11 000 YANDEX NV -A- 233 819 0.96% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 4 220 249 17.40% Equities 4 220 249 17.40% Russia 4 220 249 17.40% 185 000 AEROFLOT MOSCOW 244 998 1.01% 250 000 ALROSA CJSC 200 703 0.83% 6 500 000 FTH GEN. CO. WHOLES. EL. OJSC WGC4 358 501 1.48% 13 000 GROUP LSR OJSC 167 499 0.69% 75 000 000 IDGC VENTER & VOL 233 739 0.96% 600 000 JSC SURGUTNEFTEGAZ / PREF. 289 123 1.19% 11 000 LUKOIL HOLDING 486 569 2.01% 6 200 MAGNIT JSC 1 092 054 4.50% 70 000 MOSTOTREST 234 584 0.97% 5 OAO OPEN INVESTMENTS / GDR 4 0.00% 320 000 PROTEK 295 244 1.22% 50 000 ROSTELEKOM 103 348 0.43% 70 000 SBERBANK / PREF. 114 799 0.47% 21 000 SOLLERS JSC 349 613 1.44% 45 000 000 VNESHTORGBANK 49 471 0.20% UNLISTED SECURITIES 0 0.00% Equities 0 0.00% Romania 0 0.00% 2 174 257 CONCEFA S.A 0 0.00% Poland 3 033 044 12.52% 1 036 BANK ZACHODNI WBK SA WROCLAW 66 989 0.28% 6 000 BK POLSKA KASA OPIEKI PEKAO 207 840 0.86% 95 000 CYFROWY POLSAT SA 406 963 1.68% 7 000 OCASH SA 94 891 0.39% 22 767 FASING 108 834 0.45% 6 000 GRUPA LOTOS SA 49 743 0.21% 42 751 INSTAL KRAKOW S.A. 142 956 0.59% 15 000 KGHM POLSKA MIEDZ SA 419 144 1.73% 70 000 PGE POLSKA GRUPA ENERGETYCZNA 248 946 1.03% 75 000 POLISH OIL & GAS CO 100 456 0.41% 25 000 POLSKI KONCERN NAFTOWY ORLEN 269 038 1.11% 50 000 POWSZECHNA KASA OSZCZED.POLSKI 411 062 1.69% 5 350 POWSZECHNY ZAKLAD UBEZPIECZEN 506 182 2.09% Cyprus 459 792 1.90% 19 000 GLOBALTRANS INVESTMENT PLC GDR 200 839 0.83% 66 000 ROS AGRO PLC / GDR 258 953 1.07% Czech Republic 400 094 1.65% 15 500 CEZ.CESKE ENERGETICKE ZAVODY 285 831 1.18% 800 KOMERCNI BANKA AS 114 263 0.47% Hungary 397 389 1.64% 4 100 MOL MAGYAR / -A- 235 948 0.97% 10 000 OTP BANK LTD 161 441 0.67% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. CESF - 4
Julius Baer Multistock - CHINDONESIA FUND Report of the Fund Management Investment policy The Julius Baer Multistock - CHINDONESIA FUND seeks to achieve long-term capital growth by investing in companies in China, India and Indonesia. The aim of the sub-fund is to profit from the superior economic growth and the positive demographic developments in these countries. The Julius Baer Multistock - CHINDONESIA FUND is suitable for equity investors with a long-term horizon and high risk tolerance who want to add investments in the Chindonesia region to their portfolio. Market and portfolio review The second half of 2012 started amidst fear of an EU meltdown and Asian indices remained volatile. Last quarter of 2012 saw stronger markets as the Fed announced the launch of the third quantitative easing program. Market traded sideways during most of 2013 as concerns grew around the end of QE in the US and a liquidity crunch in the Chinese banking system. High-growth markets such as Indonesia benefited the most from global easy monetary conditions prevailing during the last twelve months as yields shrunk and currencies appreciated. India remained very volatile over the last 12 month as risk appetite swung heavily. Moreover, a stray of bold economic reforms couldn t convince investors to add exposure to cyclical sectors. The Julius Baer Multistock - CHINDONESIA FUND (B share) gained 8.3% in U.S. dollar term from end of June 2012 to end of June 2013. Stocks in all three countries delivered positive returns in the period. Indonesian stocks delivered the strongest return, followed by Indian stocks. Chinese stocks in the portfolio achieved only low single digit returns. In particular, the sub-fund's focus on domestic driven companies in Indonesia paid off, and stock selection added considerable value as the sub-fund was heavily exposed to real estate, consumption and infrastructure stocks. Over the last twelve months, the sub-funds' exposure to India was increased while exposure to Indonesia was decreased as valuation became rich and the currency more volatile. In terms of sector allocation, exposure to Consumer and Technology sectors were increased, while exposure to Energy and Financials were decreased. The information in this report is based on historical data and is no indication of future performance. CHI - 1
Julius Baer Multistock - CHINDONESIA FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 15 750 010 (Cost: 15 824 345) Cash at banks 830 799 Receivable from brokers 2 776 970 Subscriptions receivable 195 Dividends and interest 135 485 Other receivables 1 488 Total Assets 19 494 947 Liabilities Bank overdraft 31 Payable to brokers 2 629 760 Management fees payable 13 740 "Taxe d'abonnement" payable 891 Other liabilities 5 991 Total Liabilities 2 650 413 Net Assets 16 844 534 Income Income from investments 391 148 Income from securities lending 11 241 Total Income 402 389 Expenses Management fees 183 503 Custodian fees and charges 420 "Taxe d'abonnement" and other taxes 4 122 Bank interest 355 Other expenses* 115 350 Equalisation 14 843 Total Expenses 318 593 Net profit/loss 83 796 Realised profit/loss on: - Securities 1 056 895 - Foreign currencies -75 329 Equalisation -130 440 Net realised profit/loss 934 922 Net change in unrealised appreciation/ depreciation on: - Securities 333 207 Total profit/loss 1 268 129 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 17 142 893 18 783 807 Total profit/loss -2 263 245 1 268 129 Net subscriptions/redemptions 3 904 330-3 207 048 Dividend distributions -171-354 Net assets at the end of the financial year 18 783 807 16 844 534 * See page 17 The TER (Total Expense Ratio) amounts to 2.11%** for A- shares, 2.10% for B- shares, 1.34% for C- shares and 2.82%** for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. CHI - 2
Julius Baer Multistock - CHINDONESIA FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 1 315.00 2 864.78 1 860.78 Accumulation shares (Shares B-) 47 038.87 54 633.09 51 379.43 Accumulation shares (Shares C-) 130 010.00 166 010.00 128 188.21 Accumulation shares (Shares E-) 1 234.50 2 481.25 4 884.81 Net Assets 17 142 893 18 783 807 16 844 534 NAV per share Distribution shares (Shares A-) 95.05 82.07 88.75 Accumulation shares (Shares B-) 95.04 82.16 88.99 Accumulation shares (Shares C-) 95.61 83.48 91.13 Accumulation shares (Shares E-) 94.54 81.12 87.21 Dividend for the previous financial year (Shares A-) - 0.10 0.15 CHI - 3
Julius Baer Multistock - CHINDONESIA FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 15 750 010 93.50% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 15 750 010 93.50% Bermuda Islands 894 088 5.31% 742 000 BEIJING ENTERPRISES WATER GP 265 912 1.58% 67 000 CHEUNG KONG INFRASTRUCTURE HLD 446 535 2.65% 114 000 HAIER ELECTRONICS GROUP CO LTD 181 641 1.08% Equities 15 750 010 93.50% India 4 451 371 26.43% 34 400 BANK OF BARODA / DEMATERIALISED 333 286 1.98% 33 000 HCL TECHNOLOGIES /DEMAT. 431 541 2.56% 26 000 ICICI BK LTD / DEMATERIALISED 469 727 2.79% 23 000 INDUSIND BANK LTD 179 259 1.06% 100 600 ITC LTD / DEMAT 556 189 3.31% 16 700 LARSEN & TOUBRO LTD / DEMAT. 394 589 2.34% 77 000 MADRAS CEMENTS /DS 292 364 1.74% 18 000 MARUTI SUZUKI INDIA LTD 463 967 2.75% 5 000 SHREE CEMENTS LTD 383 985 2.28% 14 000 SHRIRAM TRANSPORT FINANCE 166 525 0.99% 89 000 TATA MOTORS 421 226 2.50% 20 000 TECH MAHINDRA LTD /DEMAT. 358 713 2.13% Cayman Islands 3 642 209 21.62% 61 500 AAC TECHNOLOGIE SHS 347 248 2.06% 207 000 AJISEN CHINA HOLDINGS LTD 161 975 0.96% 101 000 CHINA SHINEWAY PHARMA GRP LTD 160 667 0.95% 1 096 000 EVA PRECISION INDUSTRIAL HLDG 148 351 0.88% 886 000 KINGDEE INT SOFTWARE GR. CO LTD 164 470 0.98% 112 000 MINTH GROUP LTD 174 123 1.03% 9 200 QIHOO 360 TECHN /ADR 429 732 2.55% 108 000 REAL 123 352 0.73% 85 000 SANDS CHINA / IPO 400 494 2.38% 422 000 SOHO CHINA LTD 335 651 1.99% 15 300 TENCENT HOLDINGS 599 985 3.57% 160 000 TINGYI HLD CORP.(CAYMAN ISL.) 416 640 2.47% 422 000 XINGDA INTERNATIONAL HLDGS 179 521 1.07% China 3 217 598 19.09% 366 000 AIR CHINA LTD -H- 263 272 1.56% 664 000 AVICHINA INDUST.&TECHN./-H- 343 244 2.04% 758 000 BANK OF CHINA LTD -H- 311 709 1.85% 453 000 BANK OF COMMUNICATIONS CO -H- 291 983 1.73% 632 000 CHINA CITIC BK -H- 291 669 1.73% 178 000 CHINA OILFIELD SERVICES -H- 348 323 2.07% 100 000 CHINA PACI INSU(GROUP) LTD -H- 319 055 1.89% 360 000 CHINA PETROLEUM & CHEM CORP H 253 387 1.50% 878 000 DATANG INT. POWER GENERATION -H- 358 793 2.13% 40 500 GREAT WALL MOTOR CO LTD -H- 174 639 1.04% 160 500 SHANGHAI FOSUN PHARMACEUTI-H 261 524 1.55% Indonesia 2 195 253 13.03% 450 000 PT BANK RAKYAT INDONESIA 351 400 2.09% 161 000 PT INDOCEMENT TUNGGAL / DEMAT. 396 637 2.35% 2 300 000 PT SUMMARECON AGUNG TBK 298 955 1.77% 1 000 000 PT SURYA CITRA MEDIA TBK 274 571 1.63% 1 000 000 PT WIJAYA KARYA (PERSERO) TBK 206 558 1.23% 2 550 000 SUPRA BOGA LEST 236 383 1.40% 380 000 TELKOM INDONESIA / S -B- OPR 430 749 2.56% Hong Kong 1 349 491 8.02% 776 000 CHINA AGRI INDUSTRIES HOLDINGS 340 119 2.02% 180 000 CHINA INSURANCE INTERNATIONAL 278 448 1.65% 70 000 CHINA MOBILE LTD 730 924 4.35% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. CHI - 4
Report of the Fund Management Julius Baer Multistock - ENERGY TRANSITION FUND Investment policy The Julius Baer Multistock - ENERGY TRANSITION FUND invests along the energy sector value-added chain in climate-friendly solutions and firms supplying the market with long-lived, cost-effective resources. It is suitable for long-term-oriented investors who are prepared to accept a higher equities risk and want a broad, growth-oriented and actively managed participation in the energy sector. Market and portfolio review Equity markets have been very volatile during the reporting period with sharp corrections in the fall of 2012 and spring of 2013. Nevertheless, the market posted a double digit positive return. Macro news flow, especially about the Euro crisis and US budget concerns, was the dominant market driver. In this environment, commodity related industries like energy and materials underperformed other sectors. The Julius Baer Multistock - ENERGY TRANSITION FUND slightly underperformed the overall market as investors avoided commodity related stocks. Companies active within the LNG value chain and in electric power grids were the most positive performance contributors as infrastructure expansion in these markets continued to accelerate. In the first six months of 2013, solar stocks gained as well. Oil price related companies were the most negative contributors despite continued high oil prices. Our focus is on structural energy infrastructure growth markets like power grids, LNG, efficient buildings/lighting. In 2013 we have increased our exposure to solar and wind. In solar, costs are becoming competitive with conventional energy and new installations are likely to exceed expectations in 2013 as demand is driven by the US, Japan and China. We focus on companies active in niches which benefit from low solar module prices and rising volumes. In Wind, the Chinese market is re-accelerating after a two-year lull. Our exposure in wind is primarily in wind farm developers and operators. The information in this report is based on historical data and is no indication of future performance. ETF - 1
Julius Baer Multistock - ENERGY TRANSITION FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 28 109 924 (Cost: 28 025 201) Cash at banks 1 056 728 Subscriptions receivable 83 834 Dividends and interest 40 931 Other receivables 30 359 Total Assets 29 321 776 Liabilities Bank overdraft 221 Payables for redemptions 24 389 Management fees payable 28 975 "Taxe d'abonnement" payable 2 259 Other liabilities 4 664 Total Liabilities 60 508 Net Assets 29 261 268 Income Income from investments 294 765 Bank interest 3 126 Income from securities lending 220 688 Other income 4 888 Equalisation 15 942 Total Income 539 409 Expenses Management fees 374 324 "Taxe d'abonnement" and other taxes 9 591 Bank interest 2 172 Other expenses* 60 795 Equalisation 1 379 Total Expenses 448 261 Net profit/loss 91 148 Realised profit/loss on: - Securities -2 915 590 - Forward foreign exchange contracts -2 608 - Foreign currencies -51 377 Equalisation 100 459 Net realised profit/loss -2 777 968 Net change in unrealised appreciation/ depreciation on: - Securities 6 832 376 - Forward foreign exchange contracts -15 Total profit/loss 4 054 393 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 71 665 709 26 841 499 Foreign exchange difference sub-fund -3 931 584 308 977 Total profit/loss -14 659 277 4 054 393 Net subscriptions/redemptions -26 229 180-1 941 083 Dividend distributions -4 169-2 518 Net assets at the end of the financial year 26 841 499 29 261 268 * See page 17 The TER (Total Expense Ratio) amounts to 1.81% for A- shares, 1.80% for A- shares, 1.81% for B- shares, 1.80% for B- shares, 1.14% for C- shares, 1.15%** for C-JPY shares, 1.13% for C- shares, 2.55% for E- shares and 2.54% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the short period of time since the launch of the share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. ETF - 2
Julius Baer Multistock - ENERGY TRANSITION FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 5 438.00 2 841.00 1 913.00 Distribution shares (Shares A-) 10 397.96 7 210.09 3 820.06 Accumulation shares (Shares B-) 91 697.14 60 441.58 43 738.13 Accumulation shares (Shares B-) 137 644.37 60 152.94 46 785.62 Accumulation shares (Shares C-) 42 929.67 11 896.73 19 503.95 Accumulation shares (Shares C-JPY) - - 150 051 238.00* Accumulation shares (Shares C-) 100 986.05 53 526.79 58 293.79 Accumulation shares (Shares E-) 15 072.97 12 163.00 10 432.38 Accumulation shares (Shares E-) 622.45 611.96 683.90 Net Assets 71 665 709 26 841 499 29 261 268 NAV per share Distribution shares (Shares A-) 139.15 114.07 126.79 Distribution shares (Shares A-) 159.13 114.37 130.38 Accumulation shares (Shares B-) 139.68 114.90 128.09 Accumulation shares (Shares B-) 159.51 114.86 131.22 Accumulation shares (Shares C-) 142.47 117.90 132.31 Accumulation shares (Shares C-JPY) - - 1.33* Accumulation shares (Shares C-) 162.70 117.86 135.54 Accumulation shares (Shares E-) 136.95 111.82 123.73 Accumulation shares (Shares E-) 156.40 111.78 126.74 Dividend for the previous financial year (Shares A-) 0.50 0.40 0.35 Dividend for the previous financial year (Shares A-) 0.30 0.25 0.25 * The share class was launched on 18 September 2012. ETF - 3
Julius Baer Multistock - ENERGY TRANSITION FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 28 109 924 96.07% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 28 109 924 96.07% Equities 28 109 924 96.07% United States 11 356 611 38.84% 18 100 ADA ES INC 762 191 2.60% 545 156 CAPSTONE 637 833 2.18% 5 000 CHART INDUSTRIES INC 470 450 1.61% 15 600 COBALT INTL ENERGY INC 414 492 1.42% 50 100 ENERNOC INC 664 326 2.27% 73 700 ENPHASE 569 701 1.95% 38 900 GEVO 78 967 0.27% 50 000 GRAN TIERRA ENERGY INC 304 280 1.04% 76 700 GT 318 305 1.09% 22 000 JOHNSON CONTROLS INC. 787 380 2.69% 27 800 KIOR 158 738 0.54% 36 000 MASTEC INC 1 184 399 4.06% 28 400 MYR GROUP INC 552 380 1.89% 5 800 NATIONAL OILWELL VARCO INC 399 620 1.37% 9 672 POWER INTEGRATIONS INC 392 296 1.34% 39 900 QUANTA SERVICES INC 1 055 754 3.62% 7 700 REGAL BELOIT CORP 499 268 1.71% 15 300 SOLARCITY 577 881 1.97% 15 000 SOUTHWESTERN ENERGY CO 547 950 1.87% 120 000 SUNEDISON 980 400 3.35% Canada 3 076 153 10.52% 66 900 ALGONQUIN POWER & UTILITIES 459 761 1.57% 10 000 ALTAGAS 349 400 1.19% 115 400 BANKERS PETROLEUM -A- 285 505 0.98% 10 800 BORALEX INC -A- 110 053 0.38% 149 100 ELECTOVAYA 74 907 0.26% 7 432 KEYERA 398 459 1.36% 60 000 LEGACY OIL + GAS 281 530 0.96% 25 000 NEWALTA CORP 338 642 1.16% 23 200 WESTPORT 777 896 2.66% Spain 885 653 3.03% 172 800 EDP RENOVAVEIS SA 885 653 3.03% Luxembourg 796 138 2.72% 178 830 PROSPECTOR OFFSHORE DRILLING S 497 885 1.70% 17 100 SUBSEA 7 SA 298 253 1.02% France 702 860 2.40% 7 400 ALSTOM 242 011 0.83% 11 400 SAINT-GOBAIN 460 849 1.57% Netherlands 662 226 2.26% 11 100 CHICAGO BRIDGE & IRON / NY 662 226 2.26% United Kingdom 622 101 2.12% 497 168 AMERISUR RESOURCES PLC 297 852 1.02% 47 740 OPHIR ENERGY PLC 258 494 0.88% 144 513 RUSPETRO 65 755 0.22% Curaçao 573 280 1.96% 8 000 SCHLUMBERGER LTD 573 280 1.96% Belgium 493 327 1.69% 50 335 EXMAR SA 493 327 1.69% Ireland 419 747 1.43% 73 800 KENTZ CORPORATION 419 747 1.43% Germany 357 288 1.22% 21 209 CENTROTEC SUSTAINABLE AG 357 288 1.22% Norway 206 025 0.70% 17 000 PETROLEUM GEO-SERVICES ASA 206 025 0.70% Isle Of Man 188 368 0.64% 101 800 GREENKO GROUP PLC 188 368 0.64% Switzerland 2 011 363 6.87% 40 800 ABB LTD ZUERICH / NAMEN. 884 435 3.02% 1 470 BURCKHARDT 584 178 2.00% 25 000 FOSTER WHEELER 542 750 1.85% Italy 1 425 583 4.87% 413 200 ENEL GREEN POWER S.P.A. 856 671 2.93% 30 500 PRYSMIAN SPA 568 912 1.94% Japan 1 285 741 4.40% 40 000 CHIYODA CORP 469 925 1.61% 22 700 JGC CORP. 815 816 2.79% Bermuda Islands 1 095 758 3.74% 50 913 HOEGH LNG HOLDINGS LTD 390 224 1.33% 397 700 KUNLUN ENERGY COMPANY LTD 705 534 2.41% China 999 045 3.41% 500 000 CHINA LG PWR -H- 518 287 1.77% 1 313 000 CHINA SUNTIEN -H- 480 758 1.64% Cayman Islands 952 657 3.25% 26 800 COASTAL ENERGY COMPANY 348 797 1.19% 2 000 000 GCL-POLY 430 616 1.47% 213 704 POLARCUS LTD 173 244 0.59% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. ETF - 4
Report of the Fund Management Julius Baer Multistock - O LARGE CAP STOCK FUND Investment policy The Julius Baer Multistock - O LARGE CAP STOCK FUND aims for long-term capital growth by investing in large-cap companies in EMU countries. It is suitable for long-term equity investors with high risk tolerance who want to supplement their portfolios with large caps from EMU countries. Market and portfolio review In the fiscal year (1 July 2012 to 30 June 2013), European equity markets rose after the European central bank emphasized its commitment to buy peripheral sovereign debt at unlimited amounts if necessary. In addition, macroeconomic data indicated a stabilization of the global economy. Growth stocks and defensive sectors outperformed value and cyclical sectors. Core European equity markets outperformed southern European markets. During the fiscal year, the sub-fund slightly underperformed the benchmark Eurostoxx50. The stock selection in the telecom and utilities sector delivered the biggest positive contribution to the performance. The French mid-sized company Iliad strongly outperformed the telecom sector throughout the entire reporting period. On the other hand, the stock selection in the consumer discretionary sector and the underweight in food and beverage stocks had a negative effect on the relative performance. Otherwise, sector bets against the benchmark have been kept low. The information in this report is based on historical data and is no indication of future performance. ELCSF - 1
Julius Baer Multistock - O LARGE CAP STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 139 978 219 (Cost: 126 444 360) Cash at banks 743 964 Receivable from brokers 2 103 185 Dividends and interest 36 407 Other receivables 182 913 Total Assets 143 044 688 Liabilities Payable to brokers 2 474 399 Payables for redemptions 10 744 Management fees payable 134 506 "Taxe d'abonnement" payable 17 241 Other liabilities 39 046 Total Liabilities 2 675 936 Net Assets 140 368 752 Income Income from investments 3 269 686 Bank interest 83 Income from securities lending 429 605 Other income 96 622 Total Income 3 795 996 Expenses Management fees 1 575 135 "Taxe d'abonnement" and other taxes 66 631 Bank interest 812 Other expenses* 458 384 Equalisation 145 057 Total Expenses 2 246 019 Net profit/loss 1 549 977 Realised profit/loss on: - Securities 1 258 786 Equalisation -20 829 Net realised profit/loss 2 787 934 Net change in unrealised appreciation/ depreciation on: - Securities 16 347 745 Total profit/loss 19 135 679 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 89 009 798 117 766 250 Total profit/loss -15 629 117 19 135 679 Net subscriptions/redemptions 44 387 020 3 470 913 Dividend distributions -1 451-4 090 Net assets at the end of the financial year 117 766 250 140 368 752 * See page 17 The TER (Total Expense Ratio) amounts to 1.61% for A- shares, 1.60% for B- shares, 0.16%** for Ca- shares, 0.33%** for C- shares and 2.36% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. ELCSF - 2
Julius Baer Multistock - O LARGE CAP STOCK FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 10.35 2 012.57 1 074.16 Distribution shares (Shares Ca-) 1.00 1.00 1.00 Accumulation shares (Shares B-) 771 314.46 1 242 210.35 1 256 633.48 Accumulation shares (Shares C-) 1.00 1.00 1.00 Accumulation shares (Shares E-) 1.00 6.38 9 634.38 Net Assets 89 009 798 117 766 250 140 368 752 NAV per share Distribution shares (Shares A-) 115.56 93.92 106.66 Distribution shares (Shares Ca-) 116.93 96.21 110.60 Accumulation shares (Shares B-) 115.40 94.65 110.78 Accumulation shares (Shares C-) 116.93 97.32 115.38 Accumulation shares (Shares E-) 113.99 93.44 108.53 Dividend for the previous financial year (Shares A-) - 0.85 3.10 Dividend for the previous financial year (Shares Ca-) - 1.00 3.45 ELCSF - 3
Julius Baer Multistock - O LARGE CAP STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 139 978 219 99.72% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 139 978 219 99.72% Equities 139 918 986 99.68% France 49 134 500 35.00% 36 806 AIR LIQUIDE 3 491 785 2.49% 144 090 AXA 2 175 039 1.55% 83 888 BNP PARIBAS 3 521 199 2.51% 31 458 DANONE 1 813 868 1.29% 8 389 ESSILOR INTERNATIONAL 685 717 0.49% 41 944 GDF SUEZ 631 047 0.45% 35 225 ILIAD 5 852 634 4.17% 23 745 L OREAL 2 997 806 2.14% 20 119 LVMH MOET HENNESSY 0.3 2 504 816 1.78% 8 069 PERNOD-RICARD 687 398 0.49% 41 944 SAINT-GOBAIN 1 304 458 0.93% 103 862 SANOFI 8 269 493 5.88% 57 228 SCHNEIDER ELECTRIC SA 3 189 316 2.27% 73 402 STE GEN. PARIS -A- 1 937 813 1.38% 18 287 TECHNIP 1 426 569 1.02% 150 653 TOTAL 5 650 241 4.03% 51 096 VINCI 1 970 006 1.40% 70 467 VIVENDI 1 025 295 0.73% Finland 2 984 313 2.13% 1 048 599 NOKIA 2 984 313 2.13% United Kingdom 978 241 0.70% 39 855 ROYAL DUTCH SHELL PLC -A- 978 241 0.70% Options, warrants, rights 59 233 0.04% 59 233 0.04% 138 395 RIGHTS REPSOL SA 59 233 0.04% Germany 48 995 075 34.91% 45 098 ALLIANZ SE / NAM. VINKULIERT 5 062 250 3.61% 92 995 BASF NAMEN-AKT. 6 382 247 4.55% 86 730 BAYER 7 105 789 5.06% 72 916 BMW - BAYER. MOTORENWERKE 4 898 497 3.49% 184 862 COMMERZBANK AKT 1 238 206 0.88% 82 067 DEUTSCHE BANK AG / NAM. 2 638 864 1.88% 220 382 DEUTSCHE TELEKOM / NAM. 1 975 504 1.41% 292 462 E.ON - NAMEN AKT. 3 687 946 2.63% 31 458 K+S AKTIENGESELLSCHAFT 893 564 0.64% 19 417 MUENCHENER RUECKVERS / NAMENSAKT 2 745 564 1.96% 110 901 SAP AG 6 239 290 4.44% 58 437 SIEMENS AG / NAM. 4 537 633 3.23% 10 220 VOLKSWAGEN AG / VORZUG. 1 589 721 1.13% Spain 17 204 562 12.26% 1 019 138 BANCO SANTANDER REG. SHS 4 995 814 3.56% 181 197 BCO BILBAO VIZ. ARGENTARIA / NAM. 1 167 815 0.83% 494 544 IBERDROLA SA 2 005 870 1.43% 35 767 INDITEX / REG. 3 392 142 2.42% 138 395 REPSOL SA 2 243 383 1.60% 345 306 TELEFONICA SA 3 399 538 2.42% Netherlands 9 385 311 6.69% 26 215 ASML HOLDING NV 1 589 153 1.13% 41 944 EADS. OPEAN AERONAUTIC DEFENCE AND SPACE COMPANY 1 722 430 1.23% 497 674 ING GROEP NV / CERT. OF SHS 3 483 718 2.48% 85 606 UNILEVER CERT. OF SHS 2 590 010 1.85% Italy 7 289 787 5.18% 136 354 ASSICURAZIONI GENERALI SPA 1 829 871 1.30% 549 781 ENEL 1 324 972 0.94% 97 383 ENI SPA ROMA 1 536 704 1.09% 1 000 000 INTESA SANPAOLO SPA 1 231 000 0.88% 380 000 UNICREDIT AZ 1 367 240 0.97% Belgium 3 947 197 2.81% 57 716 ANHEUSER-BUSH INBEV SA 3 947 197 2.81% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. ELCSF - 4
Report of the Fund Management Julius Baer Multistock - OLAND VALUE STOCK FUND Investment policy The Julius Baer Multistock - OLAND VALUE STOCK FUND implements a value-based approach, investing primarily in Euroland stocks that the investment adviser regards as good value in terms of fundamental valuation criteria (price-to-book, price-earnings, price-cash flow, price-sales, etc.). The sub-fund is suitable for risk-aware equity investors with a long-term approach, who are convinced of the long-term economic potential of the Eurozone and who would like to invest in a portfolio that is composed applying a "value-approach". Market and portfolio review For most of the past twelve months Euroland equity markets traded higher, only to sell-off in late January, on the back of a hung parliament in Italy and the need for a Cyprus bailout package and again in late May, caused by the Fed's indication of QE tapering, which triggered a mini bond crash, draging equity markets lower. The late January sell-off in the equity market coincided with a buying-climax in Defensives/Growth stocks and a sellingclimax in Cyclicals/Value stocks. From June 2012 to the end of January 2013 the Julius Baer Multistock - OLAND VALUE STOCK FUND comfortably outperformed the respective benchmark. From January 2013 to early April the sub-fund experienced a pronounced underperformance, as Defensives/Growth stocks, which had already traded at historic highs, experienced a massive buying climax. As value investors we did obviously not have any exposure to those very expensively valued growth stocks which over that tree-months period outperformed value stocks by a staggering 12%. From early April to June that trend slowly started to reverse, leading to a gradual outperformance of the benchmark. Over the full twelve months reporting period the sub-fund had, on a net basis, underperformed the benchmark. The information in this report is based on historical data and is no indication of future performance. EUSF - 1
Julius Baer Multistock - OLAND VALUE STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 31 624 880 (Cost: 33 036 672) Cash at banks 3 861 Receivable from brokers 97 670 Subscriptions receivable 87 807 Dividends and interest 72 131 Other receivables 109 662 Total Assets 31 996 011 Liabilities Bank overdraft 90 416 Payables for redemptions 109 493 Management fees payable 28 039 "Taxe d'abonnement" payable 3 356 Other liabilities 11 896 Total Liabilities 243 200 Net Assets 31 752 811 Income Income from investments 926 581 Bank interest 22 Income from securities lending 161 677 Other income 106 217 Equalisation 3 729 Total Income 1 198 226 Expenses Management fees 413 162 Custodian fees and charges 38 "Taxe d'abonnement" and other taxes 16 005 Bank interest 622 Other expenses* 192 919 Total Expenses 622 746 Net profit/loss 575 480 Realised profit/loss on: - Securities 5 278 034 - Foreign currencies 510 Equalisation -792 846 Net realised profit/loss 5 061 178 Net change in unrealised appreciation/ depreciation on: - Securities -1 294 164 Total profit/loss 3 767 014 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 48 072 521 35 675 475 Total profit/loss -5 763 877 3 767 014 Net subscriptions/redemptions -6 594 321-7 648 185 Dividend distributions -38 848-41 493 Net assets at the end of the financial year 35 675 475 31 752 811 * See page 17 The TER (Total Expense Ratio) amounts to 1.75% for A- shares, 1.76% for B- shares, 1.11% for Ca- shares, 1.11% for C- shares and 2.50% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. EUSF - 2
Julius Baer Multistock - OLAND VALUE STOCK FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 24 652.81 15 861.16 15 369.67 Distribution shares (Shares Ca-) 160.00 160.00 160.00 Accumulation shares (Shares B-) 286 338.94 234 284.74 178 183.20 Accumulation shares (Shares C-) 38 094.65 41 413.70 37 790.35 Accumulation shares (Shares E-) 5 633.66 4 151.63 4 680.80 Net Assets 48 072 521 35 675 475 31 752 811 NAV per share Distribution shares (Shares A-) 111.54 96.95 105.57 Distribution shares (Shares Ca-) 92.08 80.62 88.14 Accumulation shares (Shares B-) 136.66 120.87 135.12 Accumulation shares (Shares C-) 147.95 131.77 148.25 Accumulation shares (Shares E-) 96.00 84.27 93.51 Dividend for the previous financial year (Shares A-) 1.70 1.60 2.80 Dividend for the previous financial year (Shares Ca-) 1.50 1.30 2.55 EUSF - 3
Julius Baer Multistock - OLAND VALUE STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 31 624 880 99.60% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 31 624 880 99.60% Equities 31 624 880 99.60% France 16 139 750 50.82% 81 377 AXA 1 228 386 3.87% 29 651 BNP PARIBAS 1 244 601 3.92% 66 138 BOUYGUES 1 296 966 4.08% 49 303 CARREFOUR S.A. 1 041 772 3.28% 14 165 ERAMET 920 725 2.90% 207 269 FRANCE TELECOM SA 1 506 431 4.74% 45 342 SAINT-GOBAIN 1 410 136 4.44% 50 863 STE 1 342 783 4.23% 31 080 TOTAL 1 165 655 3.67% 37 425 VALLOUREC 1 454 897 4.58% 131 603 VEOLIA 1 150 342 3.62% 29 564 VINCI 1 139 840 3.59% 85 032 VIVENDI 1 237 216 3.90% Netherlands 3 945 001 12.43% 209 879 AEGON NV 1 078 568 3.40% 181 948 ING GROEP NV / CERT. OF SHS 1 273 636 4.01% 997 368 KONINKLIJKE KPN / 0.24 1 592 797 5.02% Germany 3 687 307 11.61% 67 857 DEUTSCHE LUFTHANSA / NAM. 1 058 230 3.33% 31 611 LANXESS AG 1 462 957 4.61% 47 949 METRO AG 1 166 120 3.67% Luxembourg 2 796 905 8.81% 153 186 APERAM SA 1 278 184 4.03% 177 131 ARCELORMITTAL SA REG SHS 1 518 721 4.78% Italy 2 306 551 7.27% 427 626 ENEL 1 030 579 3.25% 2 389 460 TELECOM ITALIA SPA 1 275 972 4.02% Spain 1 511 022 4.76% 308 246 BANCO SANTANDER REG. SHS 1 511 022 4.76% United Kingdom 1 238 344 3.90% 50 452 ROYAL DUTCH SHELL PLC -A- 1 238 344 3.90% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. EUSF - 4
Julius Baer Multistock - OPE SELECTION FUND Report of the Fund Management Investment policy The aim of the Julius Baer Multistock - OPE SELECTION FUND is to achieve long-term capital growth. To this end, it invests in selected equities in European companies, while focusing on stock picking. Stock picking is based on a thorough analysis of equities and companies. The companies selected have good fundamental data (i.e. sound balance-sheet data) and their equities show positive momentum and an attractive valuation. The Julius Baer Multistock - OPE SELECTION FUND is suitable for investors with a long-term investment horizon and high risk tolerance. Market and portfolio review In the fiscal year (1 July 2012 to 30 June 2013), European equity markets rose after the European central bank emphasized its commitment to buy peripheral sovereign debt at unlimited amounts if necessary. In addition, macroeconomic data indicated a stabilization of the global economy. Growth stocks and defensive sectors outperformed value and cyclical sectors. Core European equity markets outperformed southern European markets. During the fiscal year, the Julius Baer Multistock - OPE SELECTION FUND performed in line with the benchmark MSCI Europe. The initial outperformance in the first half year has been lost over the course of the reporting period. The stock selection in the consumer discretionary and energy sector delivered the biggest positive contribution to the performance. On the other hand, the stock selecton in the materials and utilities sector had a negative effect on the relative performance. Sector bets against the benchmark have been kept low. The focus on core European markets was beneficial to the sub-funds' performance. The information in this report is based on historical data and is no indication of future performance. EGSF - 1
Julius Baer Multistock - OPE SELECTION FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 58 044 081 (Cost: 57 482 820) Cash at banks 1 663 270 Subscriptions receivable 5 434 Dividends and interest 93 585 Other receivables 86 300 Total Assets 59 892 670 Liabilities Payables for redemptions 65 288 Management fees payable 55 950 "Taxe d'abonnement" payable 7 211 Other liabilities 35 206 Total Liabilities 163 655 Net Assets 59 729 015 Income Income from investments 2 067 062 Bank interest 2 532 Income from securities lending 128 358 Other income 66 684 Total Income 2 264 636 Expenses Management fees 776 373 Custodian fees and charges 13 "Taxe d'abonnement" and other taxes 31 472 Bank interest 6 334 Other expenses* 496 055 Equalisation 22 630 Total Expenses 1 332 877 Net profit/loss 931 759 Realised profit/loss on: - Securities 7 210 550 - Forward foreign exchange contracts 818 - Foreign currencies -89 957 Equalisation -774 150 Net realised profit/loss 7 279 020 Net change in unrealised appreciation/ depreciation on: - Securities 1 665 402 Total profit/loss 8 944 422 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 92 960 016 64 583 500 Total profit/loss -9 133 153 8 944 422 Net subscriptions/redemptions -19 212 702-13 698 484 Dividend distributions -30 661-100 423 Net assets at the end of the financial year 64 583 500 59 729 015 * See page 17 The TER (Total Expense Ratio) amounts to 2.00% for A- shares, 2.00% for B- shares, 1.21% for Ca- shares, 1.20% for C- shares and 2.75% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. EGSF - 2
Julius Baer Multistock - OPE SELECTION FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 113 109.93 94 061.81 79 212.12 Distribution shares (Shares Ca-) 18.81 18.81 -* Accumulation shares (Shares B-) 993 029.47 846 013.41 693 241.85 Accumulation shares (Shares C-) 146 090.59 35 975.54 13 900.18 Accumulation shares (Shares E-) 3 673.88 3 361.88 1 997.57 Net Assets 92 960 016 64 583 500 59 729 015 NAV per share Distribution shares (Shares A-) 58.64 52.44 59.28 Distribution shares (Shares Ca-) 103.36 93.10 -* Accumulation shares (Shares B-) 74.66 67.13 77.47 Accumulation shares (Shares C-) 81.86 74.16 86.27 Accumulation shares (Shares E-) 62.40 55.69 63.79 Dividend for the previous financial year (Shares A-) 0.40 0.30 1.20 Dividend for the previous financial year (Shares Ca-) 0.70 0.55 2.15 * The share class was launched on 4 June 2013. EGSF - 3
Julius Baer Multistock - OPE SELECTION FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 58 044 081 97.18% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 58 044 081 97.18% Equities 58 044 081 97.18% Germany 12 152 377 20.35% 43 113 BMW AG /VORZUG. 2 264 726 3.79% 150 000 DEUTSCHE POST AG. BONN 2 864 250 4.80% 160 000 E.ON - NAMEN AKT. 2 017 600 3.38% 22 000 MTU AERO ENGINES HLDS / NAMEN. 1 630 200 2.73% 60 000 SAP AG 3 375 601 5.65% Switzerland 11 681 866 19.56% 60 219 ARYZTA AG/NAM. 2 600 009 4.35% 12 000 CIE FINANCIERE RICHEMONT SA 815 219 1.36% 45 000 NESTLE / ACT NOM 2 266 734 3.80% 16 000 ROCHE HOLDING AG / GENUSSSCHEIN 3 057 276 5.12% 7 000 THE SWATCH GROUP AG 2 942 628 4.93% France 11 352 150 19.01% 40 000 ARKEMA 2 821 200 4.72% 40 000 MICHELIN B /NOM. 2 748 000 4.60% 20 000 SANOFI 1 592 400 2.67% 35 000 SCHNEIDER ELECTRIC SA 1 950 550 3.27% 35 000 SODEXO 2 240 000 3.75% United Kingdom 10 489 088 17.55% 241 848 BETEX GROUP PLC 0 0.00% 860 000 COBHAM PLC 2 630 098 4.40% 30 000 RIO TINTO PLC / REG. 939 179 1.57% 75 000 ROYAL DUTCH SHELL PLC -A- 1 840 875 3.08% 75 000 SABMILLER PLC 2 758 817 4.62% 600 000 TESCO PLC 2 320 119 3.88% Spain 4 906 500 8.21% 100 000 AMADEUS IT HOLDING SR. A 2 455 500 4.11% 500 000 BANCO SANTANDER REG. SHS 2 451 000 4.10% Netherlands 4 621 700 7.74% 300 000 AEGON NV 1 541 700 2.58% 440 000 ING GROEP NV / CERT. OF SHS 3 080 000 5.16% Italy 2 840 400 4.76% 180 000 ENI SPA ROMA 2 840 400 4.76% UNLISTED SECURITIES 0 0.00% Equities 0 0.00% Germany 0 0.00% 200 000 WIMAN HOLDING INC 0 0.00% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. EGSF - 4
Report of the Fund Management Julius Baer Multistock - OPE SMALL & MID CAP STOCK FUND Investment policy The Julius Baer Multistock - OPE SMALL & MID CAP STOCK FUND invests primarily in European small and mid-cap shares in what the investment adviser deems to be growth sectors. The investment process is currently characterised by an active management style. It is suitable for investors with a long-term approach and a high to very high degree of risk tolerance, wishing to share in the development potential of young, dynamic industries and companies in Europe. The sub-fund is also an appropriate complement to an equity portfolio containing European blue chips. Market and portfolio review Despite the ongoing problems in Europe, most European indices experienced significant growth during the reporting period. Issues such as the recapitalisation of Spanish banks, persistently high unemployment, Cyprus s financial problems and the fiscal cliff in the United States in late 2012 unsettled the equity markets for only a relatively brief period. The strong willingness of central banks to make unlimited liquidity available to financial markets calmed the nerves of many investors. In this environment, small- and mid-caps achieved a significantly better performance than large-caps. No major changes were made during the financial year just ended. The focus remained on companies with strong balance sheets and business models that give the company the ability to grow either organically or via acquisitions and thus to generate value for the shareholder. At the level of individual stocks, we invested in more cyclical stocks with attractive growth profiles (e.g. Ashtead, Barrat Develop) and reduced companies whose high valuations already price in some of their future growth (e.g. Elekta, Dominos Pizza). During the reporting period, the Julius Baer Multistock - OPE SMALL & MID CAP STOCK FUND outperformed its benchmark index due to the selection of individual stocks in the financial, industrial and materials sectors. The information in this report is based on historical data and is no indication of future performance. ESSF - 1
Julius Baer Multistock - OPE SMALL & MID CAP STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 66 281 178 (Cost: 48 227 612) Cash at banks 1 108 280 Receivable from brokers 83 627 Subscriptions receivable 6 703 Dividends and interest 208 206 Other receivables 46 714 Total Assets 67 734 708 Liabilities Bank overdraft 1 313 Payable to brokers 566 229 Payables for redemptions 109 740 Management fees payable 80 881 "Taxe d'abonnement" payable 7 801 Other liabilities 26 445 Total Liabilities 792 409 Net Assets 66 942 299 Income Income from investments 1 441 362 Bank interest 39 Income from securities lending 90 342 Other income 10 380 Equalisation 44 831 Total Income 1 586 954 Expenses Management fees 1 024 906 Custodian fees and charges 38 "Taxe d'abonnement" and other taxes 32 029 Bank interest 6 Other expenses* 338 265 Total Expenses 1 395 244 Net profit/loss 191 710 Realised profit/loss on: - Securities -17 961 975 - Foreign currencies -73 846 Equalisation 2 331 480 Net realised profit/loss -15 512 631 Net change in unrealised appreciation/ depreciation on: - Securities 34 047 851 Total profit/loss 18 535 220 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 77 345 180 59 113 391 Total profit/loss -9 137 898 18 535 220 Net subscriptions/redemptions -9 090 865-10 696 593 Dividend distributions -3 026-9 719 Net assets at the end of the financial year 59 113 391 66 942 299 * See page 17 The TER (Total Expense Ratio) amounts to 2.15% for A- shares, 2.15% for B- shares, 1.26% for C- shares and 2.90% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ESSF - 2
Julius Baer Multistock - OPE SMALL & MID CAP STOCK FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 11 155.01 8 785.80 7 249.32 Accumulation shares (Shares B-) 530 879.20 459 716.46 393 534.05 Accumulation shares (Shares C-) 14 648.07 13 068.61 23 413.24 Accumulation shares (Shares E-) 5 216.84 5 010.55 4 885.66 Net Assets 77 345 180 59 113 391 66 942 299 NAV per share Distribution shares (Shares A-) 115.59 101.68 128.82 Accumulation shares (Shares B-) 138.32 122.07 156.23 Accumulation shares (Shares C-) 153.26 136.60 176.42 Accumulation shares (Shares E-) 72.65 63.63 80.83 Dividend for the previous financial year (Shares A-) 0.35 0.30 1.15 ESSF - 3
Julius Baer Multistock - OPE SMALL & MID CAP STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 66 281 178 99.01% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 66 281 178 99.01% Equities 66 281 178 99.01% United Kingdom 20 490 638 30.64% 200 000 ASHTEAD GROUP PLC 1 506 374 2.25% 20 000 AVEVA GROUP PLC 526 006 0.79% 500 000 BARRATT DEVEL. PLC 1 806 248 2.70% 25 000 CRODA INTL PLC 722 558 1.08% 125 000 GREENE KING PLC 1 130 364 1.69% 110 000 HUNTING PLC 939 529 1.40% 275 000 INCHCAPE 1 607 596 2.40% 700 000 ITV PLC 1 144 307 1.71% 1 000 000 MONEYSUPERMARKET. COM 2 235 641 3.35% 160 000 PREMIER OIL PLC 621 872 0.93% 200 000 RESTAURANT GROUP PLC 1 166 827 1.74% 65 000 SCHRODERS PLC 1 655 669 2.47% 90 000 SPECTRIS PLC 2 005 776 3.01% 40 000 WEIR GROUP PLC 1 003 938 1.50% 470 000 WILLIAM HILL PLC 2 417 933 3.62% Germany 9 092 905 13.56% 10 000 BIOTEST AG /VORZUG. 538 000 0.80% 55 000 CENTROTEC SUSTAINABLE AG 712 800 1.06% 46 500 CTS EVENTIM AG. BREMEN 1 440 105 2.15% 13 000 DRAEGERWERK 1 368 900 2.04% 10 000 FIELMANN AG 803 000 1.20% 250 000 HEIDELBERGER 478 250 0.71% 20 000 LEONI AG / NAMEN-AKT. 765 100 1.14% 140 000 SUESS MICROTEC AG 1 103 200 1.65% 25 000 TIPP24 1 105 750 1.65% 200 000 TOMORROW FOCUS AG 777 800 1.16% Sweden 3 702 991 5.53% 85 000 AF AB B 1 647 045 2.46% 160 000 HUSQVARNA AB -B- 645 414 0.96% 90 000 INTRUM JUSTITIA AB 1 410 532 2.11% Norway 2 123 612 3.16% 50 000 DET NORSKE OLJE 524 761 0.78% 650 000 DOLPHIN GROUP ASA 491 373 0.73% 300 000 STOREBRAND AS / BUNDNA 1 107 478 1.65% Austria 2 020 438 3.02% 27 500 ANDRITZ AG GRAZ 1 084 188 1.62% 35 000 RHI AG 936 250 1.40% Finland 1 545 300 2.31% 100 000 CRAMO PLC 888 000 1.33% 30 000 KONECRANES PLC 657 300 0.98% Ireland 1 455 000 2.17% 100 000 FBD HOLDINGS PLC 1 455 000 2.17% Denmark 1 356 046 2.03% 16 000 FLSMIDTH & CO. A/S B 559 665 0.84% 27 500 JYSKE BANK A/S SILKEBORG 796 381 1.19% Switzerland 7 201 308 10.75% 27 500 ARYZTA AG/NAM. 1 187 337 1.77% 9 000 BUCHER INDUSTRIES AG / NAM OPR 1 656 052 2.47% 15 000 DUFRY AG BASEL 1 397 728 2.09% 10 000 SULZER AG/ NAMENSAKTIEN 1 228 602 1.84% 8 000 SWISS LIFE HOLDING / NAM 999 144 1.49% 32 000 SWISSQUOTE GROUP HLD / NOM. 732 445 1.09% France 7 200 930 10.75% 60 000 ALTEN 1 573 800 2.35% 10 000 ARKEMA 705 300 1.05% 31 000 ID LOGISTICS GROUP 1 159 400 1.73% 40 000 TELEPERFORMANCE 1 479 200 2.21% 110 000 TELEVISION FRANCAISE 1 1 011 230 1.51% 8 000 VIRBAC 1 272 000 1.90% Netherlands 5 394 910 8.07% 60 000 AALBERTS INDUSTRIES NV 1 030 200 1.54% 80 000 DELTA LLOYD 1 231 600 1.84% 90 000 UNIT4 N.V. 2 240 550 3.36% 178 512 USG PEOPLE NV 892 560 1.33% Italy 4 697 100 7.02% 400 000 AMPLIFON 1 538 400 2.30% 90 000 LOTTOMATICA SPA ROMA 1 730 700 2.59% 300 000 MEDIOLANUM SPA 1 428 000 2.13% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. ESSF - 4
Julius Baer Multistock - OPE STOCK FUND Report of the Fund Management Investment policy The Julius Baer Multistock - OPE STOCK FUND invests primarily in stocks of European companies. The sub-fund is currently actively managed on a fundamental analysis basis. The sub-fund is appropriate for investors convinced of the long-term economic potential of Europe. It is a broadlybased equity fund centred around the reference index MSCI Europe (net), making it a good basic product for meeting a need to invest in shares in the European area. Market and portfolio review In fiscal year (1 July 2012 to 30 June 2013), European equity markets rose after the European central bank emphasized ist commitment to buy peripheral sovereign debt at unlimited amounts. In addition, macroeconomic data indicated a stabilization of the global economy. Growth stocks and defensive sectors outperformed value and cyclical sectors. Core European equity markets outperformed southern European markets. During the reporting year, the Julius Baer Multistock - OPE STOCK FUND performed in line with the benchmark MSCI Europe. The overweight of the consumer discretionary sector and the stock selection within the telecom and consumer sectors delivered the biggest positive contribution to the performance. On the other hand, the overweight in materials and the stock selection in the mining sector had a negative effect on the relative performance. The focus on core European markets was beneficial to the sub-funds' performance. The information in this report is based on historical data and is no indication of future performance. ESF - 1
Julius Baer Multistock - OPE STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 79 982 037 (Cost: 73 579 311) Cash at banks 4 997 857 Receivable from brokers 25 873 235 Subscriptions receivable 1 299 Dividends and interest 190 915 Other receivables 112 003 Total Assets 111 157 346 Liabilities Payable to brokers 28 586 660 Payables for redemptions 82 289 Payables for swaps 123 732 Management fees payable 74 692 "Taxe d'abonnement" payable 9 514 Other liabilities 44 922 Total Liabilities 28 921 809 Net Assets 82 235 537 Income Income from investments 2 428 102 Bank interest 2 507 Income from securities lending 99 085 Interest income on swaps 868 Other income 87 707 Total Income 2 618 269 Expenses Management fees 986 513 Custodian fees and charges 13 "Taxe d'abonnement" and other taxes 40 050 Bank interest 1 326 Interest expense on swaps 41 477 Other expenses* 591 863 Equalisation 6 753 Total Expenses 1 667 995 Net profit/loss 950 274 Realised profit/loss on: - Securities 8 049 375 - Swaps 1 529 684 - Foreign currencies -41 389 Equalisation -164 307 Net realised profit/loss 10 323 637 Net change in unrealised appreciation/ depreciation on: - Securities 1 631 319 Total profit/loss 11 954 956 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 106 252 457 82 116 234 Total profit/loss -12 406 880 11 954 956 Net subscriptions/redemptions -11 512 877-11 508 007 Dividend distributions -216 466-327 646 Net assets at the end of the financial year 82 116 234 82 235 537 * See page 17 The TER (Total Expense Ratio) amounts to 1.95% for A- shares, 1.95% for B- shares, 1.20% for C- shares and 2.69% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ESF - 2
Julius Baer Multistock - OPE STOCK FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 111 068.46 108 715.85 104 872.47 Accumulation shares (Shares B-) 281 240.27 239 092.25 194 470.50 Accumulation shares (Shares C-) 14 479.94 12 418.20 17 928.88 Accumulation shares (Shares E-) 627.76 682.54 815.21 Net Assets 106 252 457 82 116 234 82 235 537 NAV per share Distribution shares (Shares A-) 182.22 159.25 180.26 Accumulation shares (Shares B-) 289.58 256.38 295.51 Accumulation shares (Shares C-) 312.77 278.99 323.97 Accumulation shares (Shares E-) 67.87 59.64 68.23 Dividend for the previous financial year (Shares A-) 2.20 1.95 3.05 ESF - 3
Julius Baer Multistock - OPE STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value %of net assets TOTAL 79 982 037 97.26% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 79 970 813 97.25% Equities 79 970 813 97.25% United Kingdom 20 858 127 25.36% 70 000 ARM HOLDINGS PLC 649 339 0.79% 40 000 BABCOCK INTERNATIONAL GROUP 514 804 0.63% 650 000 BARCLAYS PLC 2 111 869 2.57% 408 152 BETEX GROUP PLC 0 0.00% 35 000 BHP BILLITON PLC 686 911 0.84% 20 000 CARNIVAL PLC 534 407 0.65% 450 000 CENTRICA PLC 1 891 310 2.30% 100 000 COBHAM PLC 305 825 0.37% 50 000 DIAGEO PLC 1 096 817 1.33% 300 000 HSBC HOLDINGS PLC 2 387 328 2.90% 150 000 PRUDENTIAL PLC 1 881 509 2.29% 40 000 RIO TINTO PLC / REG. 1 252 239 1.52% 80 833 ROLLS ROYCE HLD 1 069 568 1.30% 50 000 ROYAL DUTCH SHELL PLC -A- 1 225 168 1.49% 40 000 ROYAL DUTCH SHELL PLC -A- 981 800 1.19% 60 000 SABMILLER PLC 2 207 053 2.68% 800 000 VODAFONE GROUP PLC 1 753 508 2.13% 60 000 WILLIAM HILL PLC 308 672 0.38% Spain 6 946 502 8.44% 120 000 AMADEUS IT HOLDING SR. A 2 946 600 3.58% 497 073 BANCO SANTANDER REG. SHS 2 436 652 2.96% 37 000 RED ELE CORP 1 563 250 1.90% Italy 3 313 800 4.03% 210 000 ENI SPA ROMA 3 313 800 4.03% Isle Of Man 1 053 645 1.28% 150 000 PLAYTECH LIMITED 1 053 645 1.28% Jersey 973 134 1.18% 40 000 SHIRE PLC 973 134 1.18% UNLISTED SECURITIES 11 224 0.01% Equities 11 224 0.01% United Kingdom 11 224 0.01% 9 619 127 ROLLS-ROYCE HLGS -C-/ENT JUL13 11 224 0.01% Switzerland 14 107 825 17.16% 30 000 ARYZTA AG/NAM. 1 295 277 1.58% 15 000 CIE FINANCIERE RICHEMONT SA 1 019 024 1.24% 50 000 NESTLE / ACT NOM 2 518 594 3.06% 40 000 NOVARTIS AG BASEL / NAM. 2 182 375 2.65% 17 000 ROCHE HOLDING AG / GENUSSSCHEIN 3 248 356 3.95% 3 000 SYNGENTA AG / NAM. 901 571 1.10% 7 000 THE SWATCH GROUP AG 2 942 628 3.58% Germany 13 880 160 16.87% 10 000 ADIDAS AG 831 400 1.01% 8 000 ALLIANZ SE / NAM. VINKULIERT 898 000 1.09% 12 000 BASF NAMEN-AKT. 823 560 1.00% 40 000 BMW - BAYER. MOTORENWERKE 2 687 200 3.27% 120 000 DEUTSCHE POST AG. BONN 2 291 400 2.79% 50 000 FREENET AG NAMENS-AKTIEN 839 000 1.02% 20 000 MTU AERO ENGINES HLDS / NAMEN. 1 482 000 1.80% 55 000 SAP AG 3 094 300 3.76% 6 000 VOLKSWAGEN AG / VORZUG. 933 300 1.13% France 10 445 500 12.71% 30 000 ARKEMA 2 115 900 2.57% 80 000 FRANCE TELECOM SA 581 440 0.71% 5 000 LVMH MOET HENNESSY 0.3 622 500 0.76% 43 000 SANOFI 3 423 660 4.17% 30 000 SCHNEIDER ELECTRIC SA 1 671 900 2.03% 20 000 SODEXO 1 280 000 1.56% 20 000 TOTAL SA 750 100 0.91% Netherlands 8 392 120 10.22% 500 000 AEGON NV 2 569 500 3.12% 10 000 ASML HOLDING NV 606 200 0.74% 30 000 EADS. OPEAN AERONAUTIC DEFENCE AND SPACE COMPANY 1 231 950 1.50% 500 000 ING GROEP NV / CERT. OF SHS 3 500 000 4.27% 70 000 STMICROELECTRONICS NV 484 470 0.59% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. ESF - 4
Report of the Fund Management Julius Baer Multistock - GERMAN VALUE STOCK FUND Investment policy The Julius Baer Multistock - GERMAN VALUE STOCK FUND follows a value-based approach, investing primarily in German stocks the investment adviser regards as good value in terms of fundamental valuation criteria (price-to-book, price-earnings, price-cash flow, price-sales, etc.). It is suitable for risk-aware equity investors with a long-term approach, who are convinced of the medium to long-term economic potential of Germany and who would like to invest in a portfolio assembled on the basis of the "value" method. Market and portfolio review Statistically, the DAX has achieved a return of nearly 9% over the past 48 years. In 2012, the DAX was up 29%. The historic probability of this return is only 12%. One-third of the return can be explained by the earnings growth of German stocks, the rest by the loose monetary policies of the central banks and the search for safe investment havens. The DAX, with many global market leaders, seems to be predestined to be the target of this search. 2012 takes its place as one of the years in which the value approach played a subordinated role to the growth approach. Since 2010, the value approach has been subordinate to the growth approach in Germany. In 2012, the sub-fund was unable to outperform the benchmark because bank stocks were overweight after the first quarter. Despite favourable valuations, often of less than half the book value, the sector overcame the consequences of the financial crisis more slowly than expected. Capital increases, highly volatile equity returns, increased regulatory requirements and write-downs on bad investments put pressure on share prices. Stock selection in the automotive and telecoms sectors was successful and enabled the Julius Baer Multistock - GERMAN VALUE STOCK FUND to post an annual performance of 25.6% net. The average net fund performance for the last three years was 9.8% per year. Thus, the long-term expected value of the benchmark has been beaten in the last three years by nearly one per cent per year, although the growth trend of the last three years undermined the sub-fund style. The information in this report is based on historical data and is no indication of future performance. GVSF - 1
Julius Baer Multistock - GERMAN VALUE STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 93 062 203 (Cost: 74 935 001) Cash at banks 840 480 Receivable from brokers 12 313 Subscriptions receivable 366 808 Other receivables 28 002 Total Assets 94 309 806 Liabilities Payables for redemptions 276 102 Management fees payable 88 680 "Taxe d'abonnement" payable 10 847 Other liabilities 47 381 Total Liabilities 423 010 Net Assets 93 886 796 Income Income from investments 2 612 126 Bank interest 101 Income from securities lending 164 703 Equalisation 133 736 Total Income 2 910 666 Expenses Management fees 1 216 859 "Taxe d'abonnement" and other taxes 47 072 Bank interest 104 Other expenses* 649 857 Total Expenses 1 913 892 Net profit/loss 996 774 Realised profit/loss on: - Securities 4 223 319 - Futures -102 786 - Foreign currencies -232 Equalisation -205 173 Net realised profit/loss 4 911 902 Net change in unrealised appreciation/ depreciation on: - Securities 16 708 296 - Futures 45 907 Total profit/loss 21 666 105 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 144 267 960 105 020 705 Total profit/loss -19 131 331 21 666 105 Net subscriptions/redemptions -20 023 796-32 681 854 Dividend distributions -92 128-118 160 Net assets at the end of the financial year 105 020 705 93 886 796 * See page 17 The TER (Total Expense Ratio) amounts to 1.89% for A- shares, 1.90% for B- shares, 1.10% for C- shares and 2.64% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. GVSF - 2
Julius Baer Multistock - GERMAN VALUE STOCK FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 38 544.26 30 466.76 27 360.04 Accumulation shares (Shares B-) 453 992.25 407 013.58 294 634.38 Accumulation shares (Shares C-) 45 180.42 36 107.84 23 884.40 Accumulation shares (Shares E-) 135 957.70 71 701.57 49 854.92 Net Assets 144 267 960 105 020 705 93 886 796 NAV per share Distribution shares (Shares A-) 172.17 147.21 177.47 Accumulation shares (Shares B-) 236.73 206.22 254.91 Accumulation shares (Shares C-) 256.81 225.50 280.96 Accumulation shares (Shares E-) 136.47 117.99 144.76 Dividend for the previous financial year (Shares A-) 1.60 2.55 4.05 GVSF - 3
Julius Baer Multistock - GERMAN VALUE STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 93 062 203 99.12% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 93 062 203 99.12% Equities 93 062 203 99.12% Germany 89 332 844 95.15% 17 000 ADIDAS AG 1 413 380 1.51% 40 129 ALLIANZ SE / NAM. VINKULIERT 4 504 480 4.80% 16 000 ANALYTIK JENA AG. JENA 202 400 0.22% 59 062 BASF NAMEN-AKT. 4 053 425 4.32% 114 232 BAYER 9 359 028 9.96% 10 000 BEIERSDORF AG 670 000 0.71% 78 200 BMW AG /VORZUG. 4 107 846 4.38% 130 000 COMMERZBANK AKT 870 740 0.93% 65 941 CTS EVENTIM AG. BREMEN 2 042 193 2.18% 15 678 DAIMLER AG / NAMEN-AKT. 728 792 0.78% 39 275 DEUTSCHE BANK AG / NAM. 1 262 888 1.35% 34 324 DEUTSCHE BOERSE AG / NAM. 1 735 765 1.85% 306 464 DEUTSCHE POST AG. BONN 5 851 930 6.22% 100 000 DRILLISCH AG 1 285 000 1.37% 181 976 FREENET AG NAMENS-AKTIEN 3 053 557 3.25% 42 454 FRESENIUS SE & CO KGAA 4 020 818 4.28% 19 874 HENKEL / VORZUG 1 435 896 1.53% 14 784 HENKEL AG & CO. KGAA 890 736 0.95% 19 835 K+S AKTIENGESELLSCHAFT 563 413 0.60% 101 000 KHD HUMBOLDT WEDAG INTL AG 466 822 0.50% 130 000 KLOECKNER & CO AG / NAMENSAKTIEN 1 066 780 1.14% 70 334 KOENIG + BAUER AG 964 279 1.03% 6 935 LINDE AG 994 132 1.06% 114 000 M.A.X. AUTOMATION AG 478 686 0.51% 5 000 METRO VORZUG./GATTUNG 1 113 250 0.12% 7 753 MTU AERO ENGINES HLDS / NAMEN. 574 497 0.61% 50 000 MUENCHENER RUECKVERS / NAMENSAKT 7 070 000 7.52% 15 740 NORMA GROUP 438 202 0.47% 147 041 SAP AG 8 272 527 8.80% 750 SARTORIUS AG /VORZUG. 61 980 0.07% 51 486 SIEMENS AG / NAM. 3 997 888 4.26% 81 275 SIXT / VORZ. - O. STIMMR. / EM97 1 249 197 1.33% 41 000 STADA ARZNEIMITTEL AG 1 355 870 1.44% 80 000 TALANX AG - NAMEN-AKT 1 940 400 2.07% 110 000 TELEFONICA DEUTSCHLAND HOLD 611 600 0.65% 50 900 TIPP24 2 251 307 2.40% 445 979 TUI AG 4 073 126 4.34% 14 717 UNITED INTERN. & CO / NAMENSAKT 319 138 0.34% 70 000 VILLEROY+BOCH AG /VORZ. 602 000 0.64% 4 025 VOLKSWAGEN AG 602 744 0.64% 24 276 VOLKSWAGEN AG / VORZUG. 3 776 132 4.02% Netherlands 3 729 359 3.97% 90 816 EADS. OPEAN AERONAUTIC DEFENCE AND SPACE COMPANY 3 729 359 3.97% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. GVSF - 4
Report of the Fund Management Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND Investment policy The Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND aims to achieve long-term capital growth by actively investing in emerging markets stocks. The sub-fund pursues a focussed bottom-up strategy based on fundamental data. The Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND is suitable for investors who wish to participate in the economic development of emerging markets and have a long-term investment horizon as well as a very high degree of risk tolerance. Market and portfolio review At the second half of the 2012 emerging markets was slowly but steady climbing up. Achieving almost 20% return till mid January. Market was driven by growing expectations of EU recovery, positive numbers from US economy and hope for the restocking effect in Asia. Afterwards till April, markets went into 7% correction mainly due to worrying information coming from EU, but had recovered all the losses till beginning of May. Weaker macro data from China and Fed announcement about possibility of stopping easing monetary policy pushed the market into sharp correction which erased all the gains from the last twelve months. In the fiscal year the Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND underperformed the MSCI Emerging Markets index. During that period the sub-fund went through the significant changes of strategy and portfolio. From November 2012 the sub-fund has no longer two pools - Systematic and Pearl. The quantitative part of the portfolio was fully replaced by the Pearl pool which use fundamental, bottom up approach. Number of stocks in the pearl pool was decreased from 50 to about 43-44 names. In terms of country allocation sub-fund has been overweighting Turkey against South Africa and in sectors Consumer at cost of Financials. Going forward the sub-fund will have bigger bets on the country level. The information in this report is based on historical data and is no indication of future performance. GESF - 1
Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 33 509 365 (Cost: 33 742 228) Cash at banks 190 493 Receivable from brokers 556 223 Subscriptions receivable 11 296 Dividends and interest 288 720 Total Assets 34 556 097 Liabilities Bank overdraft 61 Payables for redemptions 70 906 Management fees payable 37 054 "Taxe d'abonnement" payable 3 144 Capital gains tax on unrealised gains/losses on securities 28 475 Other liabilities 12 625 Total Liabilities 152 265 Net Assets 34 403 832 Income Income from investments 1 170 655 Bank interest 2 227 Other income 41 131 Equalisation 2 293 Total Income 1 216 306 Expenses Management fees 659 769 Custodian fees and charges 1 507 "Taxe d'abonnement" and other taxes 16 598 Bank interest 1 080 Other expenses* 269 989 Equalisation 19 912 Total Expenses 968 855 Net profit/loss 247 451 Realised profit/loss on: - Securities -890 990 - Forward foreign exchange contracts 6 907 - Foreign currencies -202 991 Capital gains tax on realised gains/losses on securities -23 231 Equalisation 450 975 Net realised profit/loss -411 879 Net change in unrealised appreciation/ depreciation on: - Securities 1 180 755 Capital gains tax on unrealised gains/losses on securities -311 Total profit/loss 768 565 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 69 469 243 54 146 677 Foreign exchange difference sub-fund 505 776-51 673 Total profit/loss -6 239 058 768 565 Net subscriptions/redemptions -9 578 715-20 427 237 Dividend distributions -10 569-32 500 Net assets at the end of the financial year 54 146 677 34 403 832 * See page 17 The TER (Total Expense Ratio) amounts to 2.17% for A- shares, 2.10% for A- shares, 2.18% for B- shares, 2.16% for B- shares, 1.43% for C- shares, 1.35% for C- shares, 2.93%** for E- shares and 2.92% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. GESF - 2
Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 26 429.66 24 669.92 24 929.39 Distribution shares (Shares A-) 130.00 385.00 1 935.00 Accumulation shares (Shares B-) 487 644.20 417 036.41 260 417.37 Accumulation shares (Shares B-) 24 589.49 15 337.70 21 819.70 Accumulation shares (Shares C-) 241 322.86 202 665.73 125 060.18 Accumulation shares (Shares C-) 10.00 10.00 10.00 Accumulation shares (Shares E-) 8 639.36 8 326.46 3 693.30 Accumulation shares (Shares E-) 22 863.81 16 233.70 9 546.91 Net Assets 69 469 243 54 146 677 34 403 832 NAV per share Distribution shares (Shares A-) 76.63 70.13 67.55 Distribution shares (Shares A-) 106.33 84.47 83.43 Accumulation shares (Shares B-) 83.81 77.15 75.52 Accumulation shares (Shares B-) 109.75 88.30 88.52 Accumulation shares (Shares C-) 90.96 84.44 83.27 Accumulation shares (Shares C-) 113.54 92.12 93.11 Accumulation shares (Shares E-) 124.42 113.68 110.45 Accumulation shares (Shares E-) 106.43 84.99 84.58 Dividend for the previous financial year (Shares A-) 0.50 0.40 1.20 Dividend for the previous financial year (Shares A-) 1.45 1.15 1.35 GESF - 3
Julius Baer Multistock - GLOBAL EMERGING MARKETS STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 33 509 365 97.40% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 30 750 935 89.38% Equities 30 750 935 89.38% Republic of Korea 4 976 855 14.46% 45 660 HYUNDAI FIRE & MARINE INS CO 932 372 2.71% 5 144 HYUNDAI MOBIS 946 399 2.75% 3 380 LOTTE SHOPPING LTD 808 641 2.35% 4 345 POSCO 874 068 2.54% 1 100 SAMSUNG ELECTRONICS CO LTD 994 846 2.89% 20 000 SK HYNIX INC 420 529 1.22% Cayman Islands 4 400 828 12.80% 2 000 000 GEELY AUTOMOBILE HLD LTD 666 530 1.94% 540 000 GREENTOWN CHINA HOLDINGS LTD 679 147 1.97% 608 000 MINTH GROUP LTD 727 280 2.11% 35 000 TENCENT HOLDINGS 1 056 034 3.08% 438 000 TINGYI HLD CORP.(CAYMAN ISL.) 877 559 2.55% 32 000 TPK HOLDINGS CO 394 278 1.15% Brazil 3 859 041 11.21% 23 169 CIA BRASILEIRA /PFD 803 651 2.34% 100 949 PORTO SEGURO SA 833 204 2.42% 47 700 TELECOM SAO PAULO / PFD 837 240 2.43% 38 200 ULTRAPAR PARTICIPACOES SA 706 679 2.05% 72 000 VALE -A- / PREF 678 267 1.97% United Kingdom 853 584 2.48% 399 803 OLD MUTUAL PLC 853 584 2.48% Thailand 826 483 2.40% 170 000 KASIKORNBANK PUB. COMP. / FOR. REG 826 483 2.40% Philippines 750 082 2.18% 1 800 000 ALLIANCE GLOBAL GROUP INC 750 082 2.18% Indonesia 603 855 1.76% 3 800 000 PT WIJAYA KARYA (PERSERO) TBK 603 855 1.76% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 1 959 198 5.70% Equities 1 959 198 5.70% Russia 1 959 198 5.70% 95 000 M VIDEO COMPANY JSC 529 509 1.54% 909 000 PROTEK 838 677 2.44% 35 500 SOLLERS JSC 591 012 1.72% INVESTMENT FUNDS 799 232 2.32% Luxembourg 799 232 2.32% 11 400 JULIUS BAER MULTISTOCK CHINDONESIA -C- CAP 799 232 2.32% Taiwan 3 385 551 9.85% 122 000 DELTA ELECTRONIC INDUSTRIAL 427 468 1.24% 1 400 000 ETERNAL CHEMICAL CO LTD 914 591 2.66% 3 800 000 SHIN KONG FINANCIAL HLD CO LTD 985 181 2.86% 810 000 WEI CHUAN FOOD CORP 1 058 311 3.09% Mexico 2 709 737 7.87% 508 529 ALFA SAB DE CV A 935 861 2.72% 668 511 GRUPO FAMSA SAB DE CV-A- 888 756 2.58% 308 050 ORGANIZAC.SORIANA SAB DE CV B 885 120 2.57% India 1 792 854 5.21% 62 000 BANK OF BARODA / DEMATERIALISED 461 127 1.34% 112 810 ITC LTD / DEMAT 473 697 1.38% 43 100 MARUTI SUZUKI INDIA LTD 858 030 2.49% China 1 762 389 5.12% 780 000 AIR CHINA LTD -H- 431 697 1.25% 1 312 000 AVICHINA INDUST.&TECHN./-H- 521 830 1.52% 1 631 000 BANK OF COMMUNICATIONS CO -H- 808 862 2.35% Turkey 1 022 745 2.97% 115 255 TOFAS TURK OTOMOBIL FABRIKASI 553 758 1.61% 71 940 TURKIYE HALK BANKASI A.S. 468 987 1.36% South Africa 1 005 989 2.93% 70 550 MTN GROUP LTD 1 005 989 2.93% Malaysia 991 411 2.88% 391 500 MALAYAN BANKING BERHAD 991 411 2.88% Hong Kong 931 952 2.71% 116 000 CHINA MOBILE LTD 931 952 2.71% Poland 877 579 2.55% 204 859 CYFROWY POLSAT SA 877 579 2.55% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. GESF - 4
Report of the Fund Management Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL SELECTION FUND) Investment policy The Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND aims to achieve long-term capital growth by investing in regulated Julius Baer equity investment funds. In doing so, it focuses primarily on topical funds and funds that invest in emerging markets. The Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND is suitable for long-term-oriented investors with a high risk tolerance who wish to supplement their portfolio with a diversified fund of funds. Market and portfolio review The last financial year was a successful one for equities: the MSCI World Index closed the year 16.55% higher than at the end of June 2012. The commodities sector (-1.89%) was the only sector which had a negative return. But utilities (4.57%), information technology (6.80%), energy (7.80%), telecommunications services (9.77%) and consumer staples (15.01%) also returned less than the index. The strongest returns were reported by the sectors industrials (18.50%), healthcare (24.52%), financials (26.83%) and consumer discretionary (28.72%). As of 1st April 2013, the Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND strategy and name changed. The Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND was created, with the aim to get a global exposure into the most prominent regions and sectors of today's world. The fund of fund structure allows investors to get a focused approach in some of the key funds offered by Swiss & Global Asset management. The exposure is now dividied into two investment pillars: a thematic approach including luxury, healthcare, energy transition, natural resources, infrastructure and agriculture, and a regional approach including emerging Asia, central and eastern Europe and Africa. The information in this report is based on historical data and is no indication of future performance. GSL - 1
Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL SELECTION FUND) STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 2 938 276 (Cost: 3 087 571) Cash at banks 71 797 Other receivables 2 160 Total Assets 3 012 233 Liabilities "Taxe d'abonnement" payable 361 Total Liabilities 361 Net Assets 3 011 872 Income Income from investments 34 843 Bank interest 196 Income from securities lending 3 070 Other income 2 330 Equalisation 1 846 Total Income 42 285 Expenses Management fees 32 279 Custodian fees and charges 1 587 "Taxe d'abonnement" and other taxes 1 636 Bank interest 59 Other expenses* 17 091 Total Expenses 52 652 Net profit/loss -10 367 Realised profit/loss on: - Securities 198 623 - Forward foreign exchange contracts -9 - Foreign currencies -33 386 Equalisation -10 317 Net realised profit/loss 144 544 Net change in unrealised appreciation/ depreciation on: - Securities 12 124 Total profit/loss 156 668 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 8 239 908 3 684 507 Total profit/loss -541 432 156 668 Net subscriptions/redemptions -4 013 969-828 992 Dividend distributions - -311 Net assets at the end of the financial year 3 684 507 3 011 872 * See page 17 The synthetic TER (Total Expense Ratio) amounts to 2.85% for A- shares, 2.88% for B- shares, 2.34%** for C- shares and 3.36%** for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. GSL - 2
Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL SELECTION FUND) COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 1 959.81 1 571.63 1 547.24 Accumulation shares (Shares B-) 78 220.35 36 714.99 28 442.39 Accumulation shares (Shares C-) 24.99 24.99 24.99 Accumulation shares (Shares E-) 1 010.39 631.45 501.27 Net Assets 8 239 908 3 684 507 3 011 872 NAV per share Distribution shares (Shares A-) 101.46 94.62 98.53 Accumulation shares (Shares B-) 101.46 94.62 98.73 Accumulation shares (Shares C-) 101.47 95.28 99.92 Accumulation shares (Shares E-) 101.45 93.91 97.53 Dividend for the previous financial year (Shares A-) - - 0.20 GSL - 3
Julius Baer Multistock - NEW WORLD OPPORTUNITIES FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL SELECTION FUND) SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 2 938 276 97.56% INVESTMENT FUNDS 2 938 276 97.56% Luxembourg 2 938 276 97.56% 2 933 JULIUS BAER MULTISTOCK - AFRICA OPPORTUNITIES -C - CAP 217 511 7.22% 4 207 JULIUS BAER MULTISTOCK - AGRICULTURE FUND -C - CAP 360 498 11.97% 1 062 JULIUS BAER MULTISTOCK - CENTRAL OPE -C - CAP 233 056 7.74% 2 981 JULIUS BAER MULTISTOCK - ENERGY TRANSITION - C - CAP 391 703 13.01% 3 459 JULIUS BAER MULTISTOCK - HEALTH OPPORTUNITIES -C -CAP 397 763 13.20% 3 778 JULIUS BAER MULTISTOCK - INFRASTRUCTURE FUND -C - CAP 378 102 12.55% 1 969 JULIUS BAER MULTISTOCK - LUXURY BRANDS FUND -C - CAP 382 695 12.71% 4 285 JULIUS BAER MULTISTOCK - NATURAL RESSOURCES -C - CAP 343 228 11.40% 3 423 JULIUS BAER MULTISTOCK CHINDONESIA -C- CAP 233 720 7.76% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. GSL - 4
Report of the Fund Management Julius Baer Multistock - GLOBAL EQUITY INCOME FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL STOCK FUND) Investment policy The Julius Baer Multistock - GLOBAL EQUITY INCOME FUND aims to achieve long-term capital growth and consistent income through global investments in equities of companies that give rise to expectation of a sustainable and above-average dividend yield or rising dividend payments. The selection of the companies is based on a value-oriented equity selection in conjunction with a fundamental analysis of the dividend sustainability. The sub-fund is suitable for long-term-oriented investors with a high risk tolerance who wish to supplement their portfolio with globally diversified investments. Market and portfolio review The last financial year was a successful one for equities: the MSCI World Index closed the year 16.55% higher than at the end of June 2012. The commodities sector (-1.89%) was the only sector which had a negative return. But utilities (4.57%), information technology (6.80%), energy (7.80%), telecommunications services (9.77%) and consumer staples (15.01%) also returned less than the index. The strongest returns were reported by the sectors industrials (18.50%), healthcare (24.52%), financials (26.83%) and consumer discretionary (28.72%). During the past financial year, the Julius Baer Multistock - GLOBAL EQUITY INCOME FUND s investment strategy was switched to a dividend strategy. The new strategy focuses on companies that are expected to generate above-average, but economically sustainable, dividend yields. The strategy was officially changed on 1 April 2013. The Julius Baer Multistock - GLOBAL EQUITY INCOME FUND had a negative relative return for the last financial year compared to the benchmark index. This was attributable in roughly equal measure to the stock selection and the sector weighting. The stock selection in industrials, consumer staples and telecommunications services resulted in a negative contribution. In particular, the overweight in the information technology sector, and the underweight in financials made a negative contribution to the relative return. The overweight in healthcare and the underweight in commodities and energy made a positive contribution. The information in this report is based on historical data and is no indication of future performance. GSF - 1
Julius Baer Multistock - GLOBAL EQUITY INCOME FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL STOCK FUND) STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 39 873 918 (Cost: 37 635 003) Cash at banks 317 021 Subscriptions receivable 2 660 Dividends and interest 188 602 Other receivables 20 223 Total Assets 40 402 424 Liabilities Payables for redemptions 17 579 Management fees payable 31 826 "Taxe d'abonnement" payable 4 459 Other liabilities 12 776 Total Liabilities 66 640 Net Assets 40 335 784 Income Income from investments 1 521 950 Bank interest 2 202 Income from securities lending 38 256 Other income 70 117 Total Income 1 632 525 Expenses Management fees 477 663 "Taxe d'abonnement" and other taxes 19 330 Bank interest 838 Other expenses* 289 925 Equalisation 79 685 Total Expenses 867 441 Net profit/loss 765 084 Realised profit/loss on: - Securities 3 421 229 - Forward foreign exchange contracts 1 217 - Foreign currencies -154 099 Equalisation -366 339 Net realised profit/loss 3 667 092 Net change in unrealised appreciation/ depreciation on: - Securities 219 115 Total profit/loss 3 886 207 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 53 372 868 44 059 587 Total profit/loss -1 501 767 3 886 207 Net subscriptions/redemptions -7 791 988-7 554 001 Dividend distributions -19 526-56 009 Net assets at the end of the financial year 44 059 587 40 335 784 * See page 17 The TER (Total Expense Ratio) amounts to 1.89% for A- shares, 1.89% for B- shares, 1.13% for C- shares and 2.49%** for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. GSF - 2
Julius Baer Multistock - GLOBAL EQUITY INCOME FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL STOCK FUND) COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 50 661.88 42 448.96 36 210.48 Accumulation shares (Shares B-) 582 057.76 486 976.72 403 327.09 Accumulation shares (Shares C-) 67 378.41 63 651.88 52 826.80 Accumulation shares (Shares E-) 555.39 492.97 2 071.27 Net Assets 53 372 868 44 059 587 40 335 784 NAV per share Distribution shares (Shares A-) 66.53 64.30 69.34 Accumulation shares (Shares B-) 76.29 74.22 81.72 Accumulation shares (Shares C-) 82.68 81.08 89.95 Accumulation shares (Shares E-) 52.15 50.36 55.04 Dividend for the previous financial year (Shares A-) 0.50 0.40 1.40 GSF - 3
Julius Baer Multistock - GLOBAL EQUITY INCOME FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL STOCK FUND) SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 39 873 918 98.85% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 39 479 708 97.87% Equities 39 479 708 97.87% United States 12 749 251 31.58% 14 000 AGILENT TECHNOLOGIES 460 545 1.14% 16 000 AMGEN INC. 1 214 417 3.01% 2 000 APPLE INC 609 424 1.51% 44 000 CISCO SYSTEMS INC. 822 895 2.04% 10 000 CONOCOPHILLIPS 465 438 1.15% 19 300 HARTFORD FIN. SERV. GROUP 459 096 1.14% 11 000 HESS CORP 562 673 1.39% 40 000 HEWLETT-PACKARD CO. 763 165 1.89% 30 000 JPMORGAN CHASE & CO 1 218 372 3.01% 5 400 KIMBERLY CLARK CORP 403 551 1.00% 13 000 KROGER CO. 345 440 0.86% 16 600 LINCOLN NATIONAL CORP. 465 748 1.15% 7 000 MARATHON PETROLEUM CORP 382 675 0.95% 149 500 MATECH CORP / RESTRICTED 0 0.00% 12 400 MATTEL INC. 432 238 1.07% 20 000 MERCK 714 698 1.77% 21 300 MICROSOFT CORP 565 826 1.40% 40 000 PFIZER INC. 861 946 2.14% 33 000 STAPLES INC 402 646 1.00% 6 700 THERMO FISHER SCIENTIFIC INC 436 220 1.08% 4 700 TIME WARNER CABLE 406 705 1.01% 12 000 WELLPOINT INC 755 533 1.87% 6 624 WORLDCOM INC / GROUP SHS 0 0.00% 349 WORLDCOM INC / MCI GR. SHS 0 0.00% Switzerland 4 746 335 11.77% 4 000 LONZA GROUP AG /NOM. 231 410 0.57% 17 140 NESTLE / ACT NOM 863 374 2.14% 20 000 NOVARTIS AG BASEL / NAM. 1 091 187 2.71% 5 400 ROCHE HOLDING AG / GENUSSSCHEIN 1 031 831 2.56% 4 000 STRAUMANN 461 193 1.14% 3 182 SWISS LIFE HOLDING / NAM 397 409 0.99% 11 720 SWISS RE-NAMEN 669 931 1.66% United Kingdom 3 739 513 9.27% 24 070 ASTRAZENECA PLC 874 864 2.17% 23 130 BRITISH AMERICAN TOBACCO (25P) 908 845 2.25% 163 100 MONEYSUPERMARKET. COM 364 633 0.90% 17 000 RECKITT BENCKISER GROUP PLC 921 980 2.29% 8 450 RIO TINTO PLC / REG. 264 535 0.66% 34 000 VEDANTA RESOURCES PLC 404 656 1.00% Germany 3 298 173 8.18% 10 900 BASF NAMEN-AKT. 748 067 1.85% 22 000 FREENET AG NAMENS-AKTIEN 369 160 0.92% 4 000 HENKEL / VORZUG 289 000 0.72% 4 135 HUGO BOSS 349 821 0.87% 15 000 METRO AG 364 800 0.90% 6 000 MUENCHENER RUECKVERS / NAMENSAKT 848 400 2.10% 4 236 SIEMENS AG / NAM. 328 925 0.82% Australia 1 661 592 4.12% 123 200 TELSTRA CORPORATION LTD 413 831 1.03% 22 020 WESFARMERS 614 054 1.52% 31 160 WESTPAC BANKING CORP 633 707 1.57% Sweden 1 441 193 3.58% 100 000 ERICSSON TEL. B 865 696 2.15% 30 000 SVENSKA CELLUL. -B- 575 497 1.43% Japan 1 433 923 3.55% 15 800 CANON INC. 395 855 0.98% 4 800 DAITO TRUST CONSTRUCT. 347 582 0.86% 66 000 MARUBENI CORP. 338 893 0.84% 36 700 SUMITOMO CORP. 351 593 0.87% France 1 411 855 3.50% 45 000 AXA 679 275 1.68% 3 000 L OREAL 378 750 0.94% 6 349 SCHNEIDER ELECTRIC SA 353 830 0.88% Spain 1 010 488 2.51% 20 000 ACS 407 000 1.01% 18 000 FERROVIAL SA 221 040 0.55% 24 690 GAS NATURAL SDG / SPLIT ISSUE 382 448 0.95% Israel 904 720 2.24% 30 000 TEVA PHM. / ADR REP. 1SHS 904 720 2.24% Cayman Islands 795 545 1.98% 23 100 HOME LSSL 425 978 1.06% 180 000 MGM CHINA 369 567 0.92% Singapore 755 162 1.87% 485 000 SINGAPORE POST LTD 382 446 0.95% 147 000 STARHUB LTD 372 716 0.92% Bermuda Islands 603 042 1.50% 484 000 GIORDANO 325 001 0.81% 9 000 SEADRILL LTD 278 041 0.69% Norway 562 824 1.40% 21 140 AKER SOLUTIONS ASA 220 138 0.55% 54 660 ORKLA AS A 342 686 0.85% Italy 466 826 1.16% 34 050 BREMBO SPA 466 826 1.16% Ireland 441 454 1.09% 12 800 SEAGATE TECHNOLOGIE PLC 441 454 1.09% Finland 413 471 1.03% 13 810 SAMPO PLC A 413 471 1.03% Austria 405 296 1.00% 11 680 OMV AG 405 296 1.00% Belgium 379 920 0.94% 8 000 DELHAIZE GROUP 379 920 0.94% Denmark 373 575 0.93% 60 000 TDC 373 575 0.93% Hong Kong 368 273 0.91% 55 500 POWER ASSETS HOLDINGS LTD 368 273 0.91% Taiwan 346 325 0.86% 172 973 CHICONY ELECTRONICS CO 346 325 0.86% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. GSF - 4
Julius Baer Multistock - GLOBAL EQUITY INCOME FUND (until 1 April 2013: Julius Baer Multistock - GLOBAL STOCK FUND) SECURITIES PORTFOLIO AS AT 30 JUNE 2013 (continued) Number/ Nominal value (in 1000) Securities Market value % of net assets Canada 332 086 0.82% 8 100 BANK OF NOVA SCOTIA 332 086 0.82% Greece 321 114 0.80% 49 940 OPAP 321 114 0.80% Netherlands 302 422 0.75% 10 795 BOSKALIS WESTMINSTER 302 422 0.75% South Africa 215 330 0.53% 33 000 OCEANA GROUP LTD 215 330 0.53% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 394 210 0.98% Equities 394 210 0.98% Russia 394 210 0.98% 8 912 LUKOIL HOLDING 394 210 0.98% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. GSF - 5
Report of the Fund Management Julius Baer Multistock - HEALTH OPPORTUNITIES FUND Investment policy The Julius Baer Multistock - HEALTH OPPORTUNITIES FUND seeks to achieve long-term capital growth by investing globally in companies active in health-care sub-sectors such as pharmaceuticals, biotechnology, health-care services & supplies, medical technology, specialty pharmaceuticals and generics. It is suitable for equity investors with a long-term horizon and high risk tolerance who want to complement their portfolio with investments in the health-care sector. Market and portfolio review In the reporting year the MSCI TR World rose 18.6% on strong monetary stimulus in the US and Japan, improving economic activity in the US and a stabilisation of the European sovereign crisis. The MSCI TR World Healthcare outperformed global markets by eight percentage points. This strong outperformance was driven by an overall re-rating of the sector based on new product launches, strong merger-and-acquisition activity, improved earnings visibility and attractive valuations. During the reporting period the Julius Baer Multistock - HEALTH OPPORTUNITIES FUND performed in line with its benchmark, the MSCI TR World Healthcare Index. Positive contributions included a strong overweight in Biotech (up 54%) and Life Sciences Tools & Services (+45%) as well as an underweight in Pharmceuticals (+22%) and HC Equipment & Supplies (+19%). The contribution from stock selection to performance was mixed. Positive contribution from stock selection in Biotech (Celgene, Onyx, Vertex) and Pharmaceuticals (Roche, Pfizer, Hikma), while stock selection within HC Equipment and Life Sciences Tools and some mid-cap companies had a negative impact on the performance. The information in this report is based on historical data and is no indication of future performance. HOF - 1
Julius Baer Multistock - HEALTH OPPORTUNITIES FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 15 626 708 (Cost: 12 131 277) Cash at banks 704 553 Subscriptions receivable 45 753 Dividends and interest 1 897 Other receivables 554 Total Assets 16 379 465 Liabilities Bank overdraft 388 Payable to brokers 171 446 Payables for redemptions 28 427 Management fees payable 14 165 "Taxe d'abonnement" payable 921 Other liabilities 3 456 Total Liabilities 218 803 Net Assets 16 160 662 Income Income from investments 208 760 Bank interest 147 Income from securities lending 18 323 Total Income 227 230 Expenses Management fees 181 553 "Taxe d'abonnement" and other taxes 3 234 Bank interest 509 Other expenses* 61 347 Equalisation 11 700 Total Expenses 258 343 Net profit/loss -31 113 Realised profit/loss on: - Securities 2 677 263 - Foreign currencies -11 399 Equalisation -476 415 Net realised profit/loss 2 158 336 Net change in unrealised appreciation/ depreciation on: - Securities 1 508 878 Total profit/loss 3 667 214 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 16 860 474 19 444 975 Total profit/loss 542 926 3 667 214 Net subscriptions/redemptions 2 042 218-6 950 517 Dividend distributions -643-1 010 Net assets at the end of the financial year 19 444 975 16 160 662 * See page 17 The TER (Total Expense Ratio) amounts to 1.84% for A- shares, 1.83% for B- shares, 1.19% for C- shares and 2.56% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. HOF - 2
Julius Baer Multistock - HEALTH OPPORTUNITIES FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 6 430.00 6 472.00 7 195.00 Accumulation shares (Shares B-) 5 944.23 8 690.13 22 524.86 Accumulation shares (Shares C-) 134 247.64 148 737.64 72 194.64 Accumulation shares (Shares E-) 10.00 369.12 6 863.52 Net Assets 16 860 474 19 444 975 16 160 662 NAV per share Distribution shares (Shares A-) 114.39 116.92 146.59 Accumulation shares (Shares B-) 114.33 116.97 146.83 Accumulation shares (Shares C-) 115.04 118.53 149.74 Accumulation shares (Shares E-) 113.77 115.53 143.94 Dividend for the previous financial year (Shares A-) - 0.10 0.15 HOF - 3
Julius Baer Multistock - HEALTH OPPORTUNITIES FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 15 626 708 96.70% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 15 626 708 96.70% Equities 15 626 708 96.70% United States 11 537 517 71.40% 4 000 ABBOTT LABORATORIES INC 139 520 0.86% 4 000 ABBVIE INC 165 360 1.02% 4 000 AETNA INC 254 160 1.57% 16 000 AGILENT TECHNOLOGIES 684 160 4.23% 8 000 ALEXION PHARMACEUTICALS INC 737 920 4.57% 7 500 ALLERGAN INC. 631 800 3.91% 3 100 AMERISOURCEBERGEN CORP 173 073 1.07% 6 000 BIOMARIN PHARMACEUTICAL INC 334 740 2.07% 6 200 CELGENE CORP. 724 842 4.49% 1 000 CERNER CORP 96 090 0.59% 5 000 CIGNA CORP. 362 450 2.24% 6 000 COVANCE INC 456 840 2.83% 5 000 CUBIST PHARMACEUTICALS INC. 241 500 1.49% 3 539 EXPRESS SCRIPTS HOLDING CO 218 321 1.35% 900 HENRY SCHEIN INC. 86 175 0.53% 30 000 HOLOGIC INC 579 000 3.58% 5 000 ILLUMINA INC 374 200 2.32% 12 000 JOHNSON & JOHNSON 1 030 320 6.39% 8 000 ONYX PHARMACEUTICALS INC 694 560 4.30% 2 000 PEDIATRIX MEDICAL GROUP INC 183 160 1.13% 35 000 PFIZER INC. 980 350 6.08% 12 000 QUESTCOR PHARMACEUTICAL INC 545 520 3.38% 1 000 STRYKER CORP. 64 680 0.40% 3 000 THERMO FISHER SCIENTIFIC INC 253 890 1.57% 10 000 UNITEDHEALTH GROUP INC 654 800 4.05% 8 000 VERTEX PHARMACEUTICALS 638 960 3.95% 2 000 WELLPOINT INC 163 680 1.01% 900 ZIMMER HOLDINGS INC 67 446 0.42% Switzerland 1 629 552 10.08% 10 000 NOVARTIS AG BASEL / NAM. 709 190 4.39% 2 000 ROCHE HOLDING AG / GENUSSSCHEIN 496 750 3.07% 4 000 SONOVA HOLDING AG /NOM. 423 612 2.62% Jersey 695 710 4.30% 22 000 SHIRE PLC 695 710 4.30% France 558 868 3.46% 5 400 SANOFI 558 868 3.46% Ireland 502 720 3.11% 8 000 COVIDIEN 502 720 3.11% United Kingdom 288 476 1.79% 20 000 HIKMA PHARMACEUTICALS PLC 288 476 1.79% Canada 258 240 1.60% 3 000 VALEANT PHARMACEUTICALS INTL 258 240 1.60% Denmark 155 625 0.96% 1 000 NOVO-NORDISK A/S -B- 155 625 0.96% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. HOF - 4
Julius Baer Multistock - INFRASTRUCTURE FUND Report of the Fund Management Investment policy The Julius Baer Multistock - INFRASTRUCTURE FUND invests in equities of companies which are engaged in infrastructure activities and the like. Infrastructure assets typically feature high entry barriers for competitors and monopoly-like characteristics. Their revenue performance depends on the business cycle. The Julius Baer Multistock - INFRASTRUCTURE FUND is suitable for investors with a long-term investment horizon who want to benefit from the characteristics of listed infrastructure securities which can include low correlation, attractive returns from stable and predictable cash flows and moderate capital growth. Market and portfolio review The first half of the fiscal year (1 July 2012 to 30 June 2013) saw increased appetite for risk assets, buoyed by a range of factors, including the coordinated policy action and liquidity easing measures by central banks, the more positive economic data in the US and expectations that Chinese growth has bottomed. Later in the year however, concerns about the Fed s proposed quantitative easing (QE) tapering strategy dominated caused volatility in equity markets as capital flows fluctuated according to changing investor sentiment. Positive economic news typically prompted a negative market reaction, because it was seen as indicating that it was more likely that tapering would commence sooner. During the fiscal year, the Julius Baer Multistock - INFRASTRUCTURE FUND strongly outperformed its benchmark, the Macquarie Global Infrastructure Index in. Relative to the benchmark, on a sector level, the key contributors included positions in the Toll Roads (led by Abertis Infraestructuras, Atlantia, Transurban), Airports (Aeroports de Paris) and Electricity Transmission (ITC Holdings) sectors.positions in the Seaports and Electricity and Gas Distribution sectors detracted. At a country level, positions in Australia, Germany and Italy contributed positively to performance while positions in Japan and China detracted. On an absolute basis, the biggest contributors to fund performance were the Toll Roads, Pipelines and Airport sectors. There were no detractors from performance. The information in this report is based on historical data and is no indication of future performance. INFU - 1
Julius Baer Multistock - INFRASTRUCTURE FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 30 090 007 (Cost: 28 687 574) Cash at banks 704 193 Receivable from brokers 114 836 Subscriptions receivable 45 784 Dividends and interest 144 201 Other receivables 84 505 Total Assets 31 183 526 Liabilities Bank overdraft 165 Payables for redemptions 179 405 Management fees payable 34 884 Performance fees 234 "Taxe d'abonnement" payable 3 154 Other liabilities 10 893 Total Liabilities 228 735 Net Assets 30 954 791 Income Income from investments 1 060 043 Bank interest 40 Income from securities lending 38 173 Other income 59 828 Total Income 1 158 084 Expenses Management fees 448 826 "Taxe d'abonnement" and other taxes 13 052 Bank interest 24 Other expenses* 164 623 Equalisation 8 023 Total Expenses 634 548 Net profit/loss 523 536 Realised profit/loss on: - Securities 2 746 807 - Foreign currencies -85 838 Equalisation -39 405 Net realised profit/loss 3 145 100 Net change in unrealised appreciation/ depreciation on: - Securities -367 438 Total profit/loss 2 777 662 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 42 128 356 29 151 015 Foreign exchange difference sub-fund 998 577-168 258 Total profit/loss 1 429 349 2 777 662 Net subscriptions/redemptions -15 234 604-697 253 Dividend distributions -170 663-108 375 Net assets at the end of the financial year 29 151 015 30 954 791 * See page 17 The TER (Total Expense Ratio) amounts to 2.18% (performance Fee: 0.00%) for A-CHF shares, 2.18% (performance Fee: 0.00%) for A- shares, 2.18% (performance Fee: 0.00%) for A- shares, 2.18% (performance Fee: 0.00%) for B-CHF shares, 2.18% (performance Fee: 0.00%) for B- shares, 2.18% (performance Fee: 0.00%) for B- shares, 1.39% (performance Fee: 0.00%) for C-CHF shares, 1.39%, respectively 1.40% including the performance fee (0.01%) for C-, 1.30% (performance Fee: 0.00%) for C- shares, 2.92% (performance Fee: 0.00%) for E- shares and 2.82% (performance Fee: 0.00%) for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. INFU - 2
Julius Baer Multistock - INFRASTRUCTURE FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-CHF) 6 963.89 4 579.24 5 084.63 Distribution shares (Shares A-) 96 015.04 51 142.16 43 432.42 Distribution shares (Shares A-) 9 996.00 9 916.00 8 995.00 Accumulation shares (Shares B-CHF) 51 398.36 31 950.29 28 135.51 Accumulation shares (Shares B-) 227 775.66 153 159.43 160 611.40 Accumulation shares (Shares B-) 88 372.49 45 906.39 37 446.85 Accumulation shares (Shares C-CHF) 32 010.00 32 010.00 32 010.00 Accumulation shares (Shares C-) 66 516.87 45 952.88 42 544.37 Accumulation shares (Shares C-) 12 010.00 10.00 10.00 Accumulation shares (Shares E-) 3 762.58 4 646.76 6 948.55 Accumulation shares (Shares E-) 10.00 10.00 10.00 Net Assets 42 128 356 29 151 015 30 954 791 NAV per share Distribution shares (Shares A-CHF) 53.03 55.34 60.45 Distribution shares (Shares A-) 72.97 76.85 82.19 Distribution shares (Shares A-) 77.02 71.35 78.15 Accumulation shares (Shares B-CHF) 58.97 63.10 70.74 Accumulation shares (Shares B-) 80.75 87.91 96.29 Accumulation shares (Shares B-) 85.96 81.76 91.49 Accumulation shares (Shares C-CHF) 60.88 65.70 74.23 Accumulation shares (Shares C-) 83.38 91.55 101.13 Accumulation shares (Shares C-) 88.79 85.14 96.10 Accumulation shares (Shares E-) 78.37 84.68 92.06 Accumulation shares (Shares E-) 83.63 79.01 87.85 Dividend for the previous financial year (Shares A-CHF) 1.35 1.25 1.50 Dividend for the previous financial year (Shares A-) 1.70 2.25 1.90 Dividend for the previous financial year (Shares A-) 1.60 1.80 1.60 INFU - 3
Julius Baer Multistock - INFRASTRUCTURE FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 30 090 007 97.21% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 30 090 007 97.21% Equities 30 090 007 97.21% United States 9 553 567 30.86% 42 500 AMERICAN WATER WORKS CO INC 1 348 059 4.35% 12 107 CORRECTIONS CORP. AMERICA 315 470 1.02% 16 200 CROWN CASTLE INTL CORP 902 195 2.91% 5 900 DUKE ENERGY 306 382 0.99% 19 759 ITC HOLDINGS CORP 1 387 850 4.49% 32 200 PG&E CORP 1 132 828 3.66% 10 800 SEMPRA ENERGY 679 315 2.19% 43 400 SOUTHERN CO. 1 473 433 4.77% 42 200 SPECTRA ENERGY CORP OPA 1 118 754 3.61% 35 600 WILLIAMS COMPANIES INC 889 281 2.87% France 3 573 739 11.55% 8 314 AEROPORTS DE PARIS ADP 621 139 2.01% 6 849 EUTELSAT COMMUNICATIONS PARIS 149 377 0.48% 70 157 GDF SUEZ 1 055 512 3.41% 189 914 GROUPE OTUNNEL REGROUPEMT 1 109 857 3.59% 16 544 VINCI 637 854 2.06% Italy 640 646 2.07% 51 129 ATLANTIA SPA 640 646 2.07% Netherlands 473 692 1.53% 10 451 KONINKLIJKE VOPAK 473 692 1.53% Bermuda Islands 431 912 1.40% 432 000 COSCO PACIFIC LTD 431 912 1.40% Luxembourg 312 082 1.01% 20 283 INTELSAT GL CV 312 082 1.01% China 236 559 0.76% 1 590 000 DALIAN PORT PDA CO LTD -H- 236 559 0.76% Mexico 164 770 0.53% 23 446 PROMOTORA Y OPERADORA DE INFRA 164 770 0.53% India 137 619 0.44% 95 509 POWER GRID CORP OF INDIA LTD 137 619 0.44% United Kingdom 2 834 712 9.16% 181 148 CENTRICA PLC 761 349 2.46% 136 737 NATIONAL GRID PLC 1 190 231 3.85% 32 090 PENNON GROUP PLC 241 323 0.78% 36 116 SSE PLC 641 809 2.07% Australia 2 708 446 8.76% 322 389 ASCIANO LTD 1 139 667 3.68% 329 550 TRANSURBAN GROUP 1 568 779 5.08% Canada 2 422 402 7.83% 37 326 ENBRIDGE INC. 1 203 391 3.89% 36 917 TRANSCANADA 1 219 011 3.94% Germany 1 361 624 4.40% 16 933 FRANKFURT AIRPORT SERV. WORLDW. 787 046 2.54% 34 950 HAMBURGER HAFEN UND LOGISTIK AG 574 578 1.86% Hong Kong 1 354 835 4.37% 94 000 BEIJING ENTERPRISES HLD LTD 520 717 1.68% 230 000 CHINA MERCHANTS HOLDINGS 550 929 1.78% 45 500 CLP HOLDINGS LTD 283 189 0.91% Japan 1 208 478 3.91% 99 000 OSAKA GAS CO LTD 321 258 1.04% 114 323 TOKYO GAS CO. LTD OPR 485 198 1.57% 12 330 WEST JAPAN RAILWAY CO 402 022 1.30% Spain 1 069 634 3.45% 45 700 ABERTIS INFRAESTRUCTURAS SA 612 380 1.98% 17 974 ENAGAS 341 236 1.10% 2 746 RED ELE CORP 116 018 0.37% Brazil 852 558 2.75% 131 300 EDP ENERGIAS DO BRASIL SA 518 079 1.67% 231 900 LLX LOGISTICA SA 79 953 0.26% 34 200 TAESA (1 SH +2 PFD SH) 254 526 0.82% Switzerland 752 732 2.43% 1 951 FLUGHAFEN ZUERICH / NOM 752 732 2.43% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. INFU - 4
Julius Baer Multistock - JAPAN STOCK FUND Report of the Fund Management Investment policy The Julius Baer Multistock - JAPAN STOCK FUND invests actively in Japanese equities. The management method is based on a multi-manager principle and pursues, on the one hand, a focused, strict bottom-up approach (diamond) and, on the other hand, a broadly based systematic value approaches (systematic). The sub-fund is suitable for long-term oriented, risk-aware equities investors, who are convinced of the Japanese market's potential and wish to benefit from its performance. Market and portfolio review The fiscal year in Japan was marked by a significant inflection point in November 2012 with the arrival of Prime Minister Shinzo Abe. PM Abe adopted weaker Japanese yen currency, and aggressive economic policies to boost the economy. His economic policy Abenomics consists of three elements: bold monetary policy, flexible fiscal policy, and pro-growth strategies. Although the market has gone through a healthy digesting period in May, it has continued rallying towards the end of period as the business environments continued an improving trend. During the fiscal year, the Julius Baer Multistock - JAPAN STOCK FUND underperformed the benchmark. Stock selection in Consumer Discretionary, namely in the auto sector, primarily detracted from performance, followed by that in Consumer Staples. Key positive contributors were stock selection in Industrials and Information Technology, and underweight in Health Care sector. At the stock level, positions in Sumitomo Mitsui Trust (banking), Bridgestone and Orix (leasing) had positive contribution. Sumitomo Mitsui Trust performed strongly on the back of its repayment of public funds that the bank received during the financial crisis. Bridgestone benefited from lower rubber price and weakened yen currency. The underweight in Toyota Motor and Nomura (brokerage), and positions in Nitori (furniture retailer) and Kurita Water (semiconductor/lcd equipment maker) had negative contribution. The information in this report is based on historical data and is no indication of future performance. JSF - 1
Julius Baer Multistock - JAPAN STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 JPY PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 JPY Assets Investments at market value 29 538 917 320 (Cost: 25 526 073 136) Derivative instruments at market value: - Forward foreign exchange contracts 89 173 815 Cash at banks 253 650 405 Subscriptions receivable 144 752 507 Dividends and interest 89 450 504 Other receivables 541 831 Total Assets 30 116 486 382 Liabilities Payable to brokers 923 085 430 Payables for redemptions 108 203 717 Management fees payable 19 899 863 "Taxe d'abonnement" payable 2 022 842 Other liabilities 13 773 006 Total Liabilities 1 066 984 858 Net Assets 29 049 501 524 Income Income from investments 433 530 469 Bank interest 47 685 Income from securities lending 4 044 327 Other income 210 001 Equalisation 14 295 086 Total Income 452 127 568 Expenses Management fees 193 537 574 Custodian fees and charges 273 157 "Taxe d'abonnement" and other taxes 6 767 539 Bank interest 830 816 Other expenses* 123 006 946 Equalisation 925 593 Total Expenses 325 341 625 Net profit/loss 126 785 943 Realised profit/loss on: - Securities 4 003 270 328 - Forward foreign exchange contracts -97 154 591 - Foreign currencies -50 518 186 Equalisation -274 145 937 Net realised profit/loss 3 708 237 557 Net change in unrealised appreciation/ depreciation on: - Securities 3 394 340 876 - Forward foreign exchange contracts 89 173 815 Total profit/loss 7 191 752 248 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 JPY 30 June 2013 JPY Net assets at the beginning of the financial year 15 218 206 598 15 208 585 274 Foreign exchange difference sub-fund -179 265 791 642 783 438 Total profit/loss -1 253 712 762 7 191 752 248 Net subscriptions/redemptions 1 424 662 789 6 012 334 772 Dividend distributions -1 305 560-5 954 208 Net assets at the end of the financial year 15 208 585 274 29 049 501 524 * See page 17 The TER (Total Expense Ratio) amounts to 1.93% for A- shares, 1.97% for Ah-CHF shares, 1.97% for Ah- shares, 1.99%** for Ah- shares, 1.96% for A-JPY shares, 1.97% for B- shares, 1.86%** for Bh-CHF shares, 1.97% for Bh- shares, 2.20%** for Bh- shares, 1.96% for B-JPY shares, 1.15% for C- shares, 1.12% for Ch-CHF shares, 1.09% for Ch- shares, 1.06%** for Ch- shares, 1.15% for C-JPY shares, 2.67% for E- shares and 2.69% for E-JPY shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the short period of time since the launch of the share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. JSF - 2
Julius Baer Multistock - JAPAN STOCK FUND COMPARATIVE STATEMENT 30 June 2011 JPY 30 June 2012 JPY 30 June 2013 JPY Number of shares outstanding Distribution shares (Shares A-) 288.76 476.04 1 055.74 Distribution shares (Shares A-JPY) 78 794.10 45 727.75 39 291.71 Accumulation shares (Shares Ah-CHF) - - 7 532.00* Accumulation shares (Shares Ah-) 288.76 476.04 10.00 Accumulation shares (Shares Ah-) - - 10.00** Accumulation shares (Shares B-) 34 646.72 53 495.46 39 994.35 Accumulation shares (Shares B-JPY) 1 088 820.58 1 007 602.63 914 378.71 Accumulation shares (Shares Bh-CHF) - - 61 038.33* Accumulation shares (Shares Bh-) 34 646.72 53 495.46 22 623.43 Accumulation shares (Shares Bh-) - - 840.00** Accumulation shares (Shares C-) 103 553.24 201 221.39 391 313.59 Accumulation shares (Shares C-JPY) 305 103.14 419 203.99 498 088.61 Accumulation shares (Shares Ch-CHF) - - 121 295.19* Accumulation shares (Shares Ch-) 103 553.24 201 221.39 104 584.17 Accumulation shares (Shares Ch-) - - 30 410.00** Accumulation shares (Shares E-) 2 101.69 4 020.38 10 386.35 Accumulation shares (Shares E-JPY) 50 278.86 40 364.26 43 984.01 Accumulation shares (Shares Eh-) 2 101.69 4 020.38 -*** Net Assets 15 218 206 598 15 208 585 274 29 049 501 524 NAV per share Distribution shares (Shares A-) 74.00 79.12 89.99 Distribution shares (Shares A-JPY) 8 075.50 7 471.10 10 875.96 Accumulation shares (Shares Ah-CHF) - - 118.93 Accumulation shares (Shares Ah-) 74.00 79.12 90.59 Accumulation shares (Shares Ah-) - - 99.30 Accumulation shares (Shares B-) 75.29 81.27 93.19 Accumulation shares (Shares B-JPY) 9 098.10 8 438.24 12 532.12 Accumulation shares (Shares Bh-CHF) - - 118.93 Accumulation shares (Shares Bh-) 75.29 81.27 90.60 Accumulation shares (Shares Bh-) - - 99.31 Accumulation shares (Shares C-) 78.18 85.15 98.43 Accumulation shares (Shares C-JPY) 9 967.63 9 328.09 13 966.64 Accumulation shares (Shares Ch-CHF) - - 119.34 Accumulation shares (Shares Ch-) 78.18 85.15 90.68 Accumulation shares (Shares Ch-) - - 99.38 Accumulation shares (Shares E-) 72.82 78.02 88.79 Accumulation shares (Shares E-JPY) 7 318.62 6 737.25 9 931.25 Accumulation shares (Shares Eh-) 72.82 78.02 - Dividend for the previous financial year (Shares A-) 0.90 0.70 0.60 Dividend for the previous financial year (Shares A-JPY) 23.00 18.40 145.00 * The share class was launched on 31 January 2013. ** The share class was launched on 31 May 2013. *** The share class was liquidated in the current period under review JSF - 3
Julius Baer Multistock - JAPAN STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value JPY % of net assets Number/ Nominal value (in 1000) Securities Market value JPY % of net assets TOTAL 29 538 917 320 101.68% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 29 363 717 320 101.08% Equities 29 363 717 320 101.08% Japan 29 363 717 320 101.08% 140 000 AEON CO LTD 182 280 000 0.63% 38 600 AISIN SEIKI CO LTD 146 487 000 0.50% 129 000 AJINOMOTO CO. INC 187 824 000 0.65% 453 000 ALL 93 318 000 0.32% 321 000 AOZORA BANK LTD 99 510 000 0.34% 218 000 ASAHI 140 828 000 0.48% 259 000 BK OF YOKOHAMA 132 608 000 0.46% 182 300 BRIDGESTONE CORP 616 174 000 2.12% 133 850 CANON INC. 433 004 750 1.49% 28 100 CENTRAL JAPAN RAILWAY CO 340 853 000 1.17% 160 000 CHIBA BANK 108 160 000 0.37% 72 000 CHUGOKU BANK LTD 100 224 000 0.35% 56 600 COCA-COLA 99 616 000 0.34% 553 000 COSMO OIL CO LTD 101 199 000 0.35% 116 000 DAI NIPPON PRINTING CO.LTD 105 212 000 0.36% 47 000 DAIHATSU MOTOR CO 88 360 000 0.30% 130 400 DAIKIN INDUSTRIES LTD 522 904 000 1.80% 42 600 DAITO TRUST CONSTRUCT. 398 310 000 1.37% 46 200 DENA 89 997 600 0.31% 277 000 DENKI KAGAKU KOGYO KK 99 720 000 0.34% 61 600 EAST JAPAN RAILWAY CO 474 936 000 1.63% 30 300 ELECTRIC POWER DEVELOPMENT CO 93 930 000 0.32% 91 600 FAMILYMART CO LTD 387 468 000 1.33% 25 800 FANUC CORP 371 004 000 1.28% 81 400 FUJIFILM HOLDINGS CORP 177 859 000 0.61% 386 000 FUJITSU LTD 158 260 000 0.54% 231 000 FUKUOKA FINANCIAL GROUP 97 482 000 0.34% 97 800 GREE 86 064 000 0.30% 205 000 GUNMA BANK LTD 112 340 000 0.39% 193 000 HACHIJUNI BANK LTD 111 940 000 0.39% 59 500 HITACHI CHEMICAL CO 92 403 500 0.32% 835 000 HITACHI LTD 531 895 000 1.83% 327 900 HONDA MOTOR CO. LTD 1 208 311 500 4.16% 59 500 IBIDEN CO LTD 92 046 500 0.32% 11 800 IDEMITSU KOSAN 90 034 000 0.31% 493 INPEX CORP 204 102 000 0.70% 320 000 ITOCHU CORP 366 400 000 1.26% 112 000 IYO BANK LTD 106 176 000 0.37% 19 700 JAPAN AIR LINES CO. JPY50 100 470 000 0.35% 23 000 JAPAN PETROLEUM EXPLORATION CO 92 575 000 0.32% 106 700 JAPAN TOBACCO INC. 373 983 500 1.29% 104 400 JFE HOLDINGS INC 227 278 800 0.78% 86 100 JTEKT CORP 96 087 600 0.33% 496 500 JX HOLDINGS 238 816 500 0.82% 149 000 KANEKA CORP. 97 595 000 0.34% 153 900 KAO CORP. 519 412 500 1.79% 115 300 KDDI CORP. 594 948 000 2.05% 133 000 KINDEN CORP 113 316 000 0.39% 739 000 KOBE STEEL LTD 90 897 000 0.31% 134 500 KONICA MINOLTA HOLDINGS INC 100 740 500 0.35% 51 700 LIXIL GROUP SHS 124 958 900 0.43% 104 900 MAKITA CORP 562 264 000 1.94% 340 000 MARUBENI CORP. 225 420 000 0.78% 70 400 MEDIPAL HOLDINGS CORP 94 617 600 0.33% 22 500 MEIJI HOLDINGS CO LTD 107 212 500 0.37% 172 900 MISUMI GROUP INC 471 498 300 1.62% 275 000 MITSUBISHI CHEMICAL HLDGS CORP 128 150 000 0.44% 274 900 MITSUBISHI CORP 467 055 100 1.61% 295 000 MITSUBISHI MATERIALS CORP 102 955 000 0.35% 76 700 MITSUBISHI TANABE PHARMA CORP 98 559 500 0.34% 1 097 900 MITSUBISHI UFJ FINANCIAL GROUP 671 914 800 2.31% 214 900 MITSUBISHI UFJ LEASE & FINANCE 101 003 000 0.35% 357 600 MITSUI & CO LTD 445 569 600 1.53% 409 000 MITSUI CHEMICALS INC. 91 616 000 0.32% 2 967 900 MIZUHO FINANCIAL GROUPINC 611 387 400 2.10% 83 300 NHK SPRING CO 95 795 000 0.33% 65 000 NIDEC 449 800 000 1.55% 74 400 NIPPON 105 201 600 0.36% 185 000 NIPPON ELECTRIC GLASS 89 355 000 0.31% 65 000 NIPPON MEAT PACKERS 98 605 000 0.34% 54 900 NIPPON TEL&TEL 282 186 000 0.97% 375 000 NISHI NIPPON CITY BK 97 125 000 0.33% 82 500 NISSHIN SEIFUN GROUP INC 98 010 000 0.34% 66 100 NITORI HOLDINGS CO LTD 528 800 000 1.82% 60 700 NOK CORP 95 723 900 0.33% 275 NTT DATA CORP 96 800 000 0.33% 1 817 NTT DOCOMO INC 279 999 700 0.96% 20 900 OBIC CO LTD TOKYO 542 355 000 1.87% 296 000 OJI PAPER CO LTD 118 400 000 0.41% 630 500 ORIX CORP 854 327 500 2.94% 379 000 OSAKA GAS CO LTD 158 801 000 0.55% 79 600 OTSUKA HOLDINGS CO LTD 260 690 000 0.90% 390 000 RESONA HOLDINGS INC 188 370 000 0.65% 121 000 RICOH CO. LTD 142 780 000 0.49% 25 900 ROHM CO. LTD 103 600 000 0.36% 65 400 SHIMANO INC. 550 668 000 1.90% 73 600 SHIN-ETSU CHEMICAL CO 484 288 000 1.67% 120 700 SHOWA 98 491 200 0.34% 628 000 SHOWA DENKO KK 82 268 000 0.28% 27 000 SMC CORP 537 840 000 1.85% 564 700 SOJITZ CORP 93 175 500 0.32% 78 200 SUMCO CORP 85 316 200 0.29% 228 300 SUMITOMO CORP. 282 407 100 0.97% 161 900 SUMITOMO ELECTRIC INDUSTRIES 192 013 400 0.66% 229 000 SUMITOMO HEAVY INDUSTRIES LTD 95 722 000 0.33% 111 000 SUMITOMO METAL MINING CO. LTD 122 766 000 0.42% 176 500 SUMITOMO MITSUI FINANC. GR 803 075 000 2.76% 1 430 540 SUMITOMO MITSUI TRUST HOLDINGS 662 340 020 2.28% 60 800 SUMITOMO RUBBER IND. 98 617 600 0.34% 187 200 SUZUKI MOTOR CORP 428 126 400 1.47% 112 700 T&D HOLDINGS INC TOKYO 150 341 800 0.52% 15 600 TAISHO PHARMACEUTICAL HOLDINGS 109 824 000 0.38% 59 000 TAKEDA PHARMACEUTICAL CO LTD 264 320 000 0.91% 24 900 TDK CORP 85 282 500 0.29% 422 000 TEIJIN LTD 91 996 000 0.32% 99 000 TONENGENERAL SEKIYU KK TOKYO 95 139 000 0.33% 143 000 TOPPAN PRINTING CO. LTD 98 527 000 0.34% 70 400 TOYO SEIKAN KAISHA LTD 107 500 800 0.37% 40 000 TOYODA GOSEI CO LTD 97 240 000 0.33% 66 400 TOYOTA BOSHOKU CORP. 94 952 000 0.33% 154 100 TOYOTA MOTOR CORP. 923 059 000 3.18% 45 900 TOYOTA TSUSHO CORP. 117 366 300 0.40% 152 900 TREND MICRO INC. TOKYO 481 635 000 1.66% 508 000 UBE INDUSTRIES LTD 93 472 000 0.32% 80 400 UNICHARM CORP 451 044 000 1.55% 37 400 WEST JAPAN RAILWAY CO 157 454 000 0.54% 10 934 YAHOO JAPAN CORP TOKYO 534 672 600 1.84% 25 810 YAMADA DENKI CO LTD 103 885 250 0.36% 112 000 YAMAGUCHI FINANCIAL GROUP INC 109 424 000 0.38% 80 000 YAMAZAKI BAKING CO 93 200 000 0.32% INVESTMENT FUNDS 175 200 000 0.60% Japan 175 200 000 0.60% 150 000 TOPIX EXCHANGE TRADED FUND 175 200 000 0.60% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. JSF - 4
Report of the Fund Management Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE Investment policy The Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE invests worldwide in companies with valuations that are, in the opinion of the investment manager, too low and thus display strong potential for price gains. The Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE is suitable for risk-conscious investors with a long-term investment horizon who want to profit from a globally diversified stock portfolio and achieve the highest possible growth applying a relatively defensive approach. Market and portfolio review In the fiscal year from 1 July 2012 to 30 June 2013, the global equity markets recovered significantly from their lows at the end of the previous period. The monetary policy measures of the major central banks and the related hope that the economy had bottomed out were the main drivers for the strong gains. The US and Japan were the clear winners, while markets in the emerging countries in Asia and Latin America encountered some difficulties. The Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE generated a performance of around 13.7% in the reporting period. In the first half, the result was well below the benchmark index. The main reason for this was that the sub-fund was significantly underweight in the US and overweight in the reference currency. In the second half, the Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE benefited from its overweighting of Japan and exceptionally good stock picks in the US and Japan, allowing the sub-fund to achieve slightly above-market returns. By sector, the sub-fund was overweight in the less economically sensitive segments such as healthcare, consumer staples and telecoms. Stocks with above-average dividend yields were also preferred. The portfolio s valuation discount to the market was kept well above 25% most of the time, while the average expected dividend yield was 4% or more. To smooth out currency effects, currencies were partially hedged. The information in this report is based on historical data and is no indication of future performance. GCSF - 1
Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 186 944 299 (Cost: 187 028 353) Derivative instruments at market value: - Forward foreign exchange contracts -979 Cash at banks 12 894 677 Receivable from brokers 870 934 Subscriptions receivable 609 180 Dividends and interest 243 434 Other receivables 57 958 Total Assets 201 619 503 Liabilities Bank overdraft 394 Payable to brokers 1 024 438 Payables for redemptions 147 982 Management fees payable 231 327 "Taxe d'abonnement" payable 21 922 Other liabilities 84 171 Total Liabilities 1 510 234 Net Assets 200 109 269 Income Income from investments 5 685 892 Bank interest 1 367 Income from securities lending 483 366 Other income 25 893 Equalisation 66 639 Total Income 6 263 157 Expenses Management fees 2 767 570 Custodian fees and charges 23 902 "Taxe d'abonnement" and other taxes 85 015 Bank interest 13 972 Other expenses* 1 002 783 Total Expenses 3 893 242 Net profit/loss 2 369 915 Realised profit/loss on: - Securities 8 589 548 - Forward foreign exchange contracts 2 619 970 - Foreign currencies -103 455 Equalisation 382 643 Net realised profit/loss 13 858 621 Net change in unrealised appreciation/ depreciation on: - Securities 7 792 425 - Forward foreign exchange contracts 91 707 Total profit/loss 21 742 753 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 158 418 708 169 800 349 Foreign exchange difference sub-fund 576 427-819 773 Total profit/loss -894 135 21 742 753 Net subscriptions/redemptions 11 890 343 9 622 471 Dividend distributions -190 994-236 531 Net assets at the end of the financial year 169 800 349 200 109 269 * See page 17 The TER (Total Expense Ratio) amounts to 2.21% for A- shares, 2.20% for Ah-CHF shares, 2.22% for Ah- shares, 2.21% for B- shares, 2.21% for Bh-CHF shares, 2.22% for Bh- shares, 1.41% for C- shares, 1.46% for Ch-CHF shares, 1.43% for Ch- shares and 2.95%** for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. GCSF - 2
Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 64 049.18 71 375.11 77 054.65 Distribution shares (Shares Ah-CHF) 64 970.00 80 328.00 78 325.00 Distribution shares (Shares Ah-) 17 580.00 23 562.00 39 886.00 Accumulation shares (Shares B-) 1 143 931.23 1 039 220.25 989 878.97 Accumulation shares (Shares Bh-CHF) 97 114.00 160 754.85 233 185.85 Accumulation shares (Shares Bh-) 17 430.00 138 708.00 203 294.00 Accumulation shares (Shares C-) 111 753.50 140 282.61 111 226.32 Accumulation shares (Shares Ch-CHF) 10 624.00 45 864.00 75 795.00 Accumulation shares (Shares Ch-) - 110.00 45 840.00 Accumulation shares (Shares E-) 5 329.02 3 690.99 822.54 Net Assets 158 418 708 169 800 349 200 109 269 NAV per share Distribution shares (Shares A-) 100.81 99.19 109.45 Distribution shares (Shares Ah-CHF) 95.14 93.02 104.37 Distribution shares (Shares Ah-) 103.23 95.80 107.49 Accumulation shares (Shares B-) 107.48 107.46 120.41 Accumulation shares (Shares Bh-CHF) 96.07 95.38 108.59 Accumulation shares (Shares Bh-) 103.23 95.80 108.92 Accumulation shares (Shares C-) 111.20 112.08 126.59 Accumulation shares (Shares Ch-CHF) 96.85 96.87 111.12 Accumulation shares (Shares Ch-) - 96.27 110.32 Accumulation shares (Shares E-) 103.10 102.32 113.80 Dividend for the previous financial year (Shares A-) 1.55 1.55 1.55 Dividend for the previous financial year (Shares Ah-CHF) 0.95 1.40 1.40 Dividend for the previous financial year (Shares Ah-) - - 1.30 GCSF - 3
Julius Baer Multistock - JULIUS BAER EQUITY FUND SPECIAL VALUE SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value %of net assets TOTAL 186 944 299 93.42% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 186 944 299 93.42% Equities 186 944 299 93.42% United States 64 867 003 32.42% 42 500 3M CO 3 575 316 1.79% 510 000 ALCOA INC 3 068 200 1.53% 50 000 BAKER HUGHES INC 1 774 436 0.89% 38 000 BECTON DICKINSON & CO. 2 889 210 1.44% 65 000 CITIGROUP INC 2 398 777 1.20% 60 000 COMPUTER ASSOCIATES INTL INC 1 321 537 0.66% 46 500 CONOCOPHILLIPS 2 164 288 1.08% 124 000 EXELON CORP 2 945 817 1.47% 235 000 INTEL CORP. 4 378 736 2.19% 81 000 JOHNSON & JOHNSON 5 350 356 2.68% 67 000 JPMORGAN CHASE & CO 2 721 029 1.36% 45 000 KOHL S CORP. 1 748 625 0.87% 110 000 LEGG MASON INC. 2 624 226 1.31% 64 000 MEDTRONIC INC. 2 534 200 1.27% 88 000 MERCK 3 144 671 1.57% 195 000 MICROSOFT CORP 5 180 098 2.60% 101 000 NASDAQ OMX GROUP INC 2 547 825 1.27% 60 000 NEWMONT MINING CORP. 1 382 467 0.69% 65 000 ORACLE CORP 1 536 177 0.77% 44 000 PEPSICO INC 2 768 596 1.38% 332 000 STAPLES INC 4 050 867 2.02% 60 000 WALGREEN CO. OPA 2 040 235 1.02% 390 000 XEROX CORP. 2 721 314 1.36% France 28 810 667 14.40% 80 000 AXA 1 207 600 0.60% 167 957 CARREFOUR S.A. 3 548 931 1.77% 46 000 DANONE 2 652 360 1.33% 499 550 FRANCE TELECOM SA 3 630 729 1.81% 290 171 GDF SUEZ 4 365 623 2.18% 10 000 NEOPOST 510 000 0.25% 27 343 SANOFI 2 177 050 1.09% 135 300 TOTAL SA 5 074 426 2.55% 191 928 VEOLIA 1 677 643 0.84% 10 000 VINCI 385 550 0.19% 246 100 VIVENDI 3 580 755 1.79% Japan 24 892 703 12.44% 390 000 DAI NIPPON PRINTING CO.LTD 2 739 533 1.37% 1 634 FUJI MEDIA HOLDINGS INC 2 528 437 1.26% 130 000 HOYA CORP 2 062 956 1.03% 162 000 KURITA WATER IND. LTD 2 636 002 1.32% 22 400 NIPPON TEL&TEL 891 694 0.45% 2 670 NTT DOCOMO INC 3 186 534 1.59% 130 000 RICOH CO. LTD 1 188 037 0.59% 69 000 ROHM CO. LTD 2 137 538 1.07% 40 000 SECOM LTD 1 672 855 0.84% 82 000 SEVEN & I HOLDINGS CO LTD 2 302 112 1.15% 220 400 SONY CORP JPY 50 3 547 005 1.77% Germany 15 775 695 7.88% 16 950 ALLIANZ SE / NAM. VINKULIERT 1 902 638 0.95% 57 000 DEUTSCHE BANK AG / NAM. 1 832 835 0.92% 292 100 E.ON - NAMEN AKT. 3 683 381 1.84% 95 000 METRO AG 2 310 400 1.15% 96 842 RWE 2 374 566 1.19% 31 000 SIEMENS AG / NAM. 2 407 150 1.20% 55 000 SOFTWARE AG 1 264 725 0.63% United Kingdom 12 104 519 6.04% 760 000 AVIVA PLC 3 011 534 1.50% 592 127 BP PLC 3 145 367 1.57% 152 516 ROYAL DUTCH SHELL PLC -A- 3 743 505 1.87% 570 000 TESCO PLC 2 204 113 1.10% Italy 5 314 630 2.65% 293 500 ENI SPA ROMA 4 631 430 2.31% 1 600 000 TELECOM ITALIA SPA / RISP. N-CV 683 200 0.34% Belgium 4 041 608 2.02% 234 500 BELGACOM SA 4 041 608 2.02% Republic of Korea 3 068 539 1.53% 257 000 KT CORPORATION / SADR 3 068 539 1.53% Netherlands 2 940 000 1.47% 420 000 ING GROEP NV / CERT. OF SHS 2 940 000 1.47% Israel 2 367 350 1.18% 78 500 TEVA PHM. / ADR REP. 1SHS 2 367 350 1.18% Canada 2 131 200 1.07% 176 000 BARRICK GOLD CORP 2 131 200 1.07% Russia 1 676 894 0.84% 335 000 GAZPR SPONS. ADR REPR 2 SHS 1 676 894 0.84% Bermuda Islands 1 542 681 0.77% 810 000 CHINA YURUN FOOD GROUP LTD 379 208 0.19% 1 016 482 ESPRIT HOLDINGS LTD 1 163 473 0.58% South Africa 1 248 979 0.63% 207 600 GOLD FIELDS / SPONS. ADR 838 481 0.42% 100 000 HARMONY 293 111 0.15% 51 900 SIBANYE GOLD /SADR 117 387 0.06% Switzerland 16 161 831 8.08% 43 000 NESTLE / ACT NOM 2 165 991 1.08% 100 000 NOVARTIS AG BASEL / NAM. 5 455 938 2.74% 25 500 ROCHE HOLDING AG / GENUSSSCHEIN 4 872 534 2.43% 2 612 SWISSCOM / NAM. 878 417 0.44% 14 000 ZURICH INSURANCE GROUP / NAM 2 788 951 1.39% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. GCSF - 4
Julius Baer Multistock - LUXURY BRANDS FUND Report of the Fund Management Investment policy The Julius Baer Multistock - LUXURY BRANDS FUND aims to achieve long-term capital growth by investing in companies worldwide which own established brands and offer products and services in the luxury goods sector. It selects leading luxury companies with excellent brands, high quality products and continuous innovation. The fund manager follows a bottom-up stock selection. The sub-fund is suitable for long-term oriented investors willing to accept higher risk and to have an equity exposure in their portfolios towards luxury goods. Market and portfolio review The Julius Baer Multistock - LUXURY BRANDS FUND returned 19% over one year, outperforming the MSCI World which rose 15% (in Euro). Strong demand for luxury goods especially from emerging markets consumers were the main driver of outperformance. Also, financials of the industry remain very healthy. The operating margin in the sub-fund is on average 18%. Luxury is very profitable as it is one of few industries having pricing power. The Swiss watch and jewelry companies Swatch and Richemont were among the top performers during the year and showed the highest contribution to the sub-fund. The positive performance was mainly a result of alleviating concerns regarding Chinese watch consumption. In addition, Richemont's Cartier and VanCleef & Arpels benefitted from strong jewelry demand. Kering (previous PPR) shares rerated following the company's disposal of French retail assets to focus on the faster growing and more profitable global luxury and lifestyle industry. Ferragamo and Prada contributed positively supported by above industry average growth. On the other hand, Coach underperformed as increased competition lead to slower sales of handbags in the US. Burberry contributed negatively as the company issued a sales warning in October. While revenues improved since, the shares have not fully recovered from their decline. Shares of the Chinese companies Chow Tai Fook, Belle and Hengdeli dropped due to slowing economic growth in China and margin pressure from increased wage costs. The information in this report is based on historical data and is no indication of future performance. LBF - 1
Julius Baer Multistock - LUXURY BRANDS FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 355 492 373 (Cost: 307 651 804) Cash at banks 18 298 267 Subscriptions receivable 2 117 221 Dividends and interest 153 741 Other receivables 61 425 Total Assets 376 123 027 Liabilities Bank overdraft 1 958 Payables for redemptions 1 818 896 Management fees payable 415 109 "Taxe d'abonnement" payable 32 581 Other liabilities 119 263 Total Liabilities 2 387 807 Net Assets 373 735 220 Income Income from investments 3 994 610 Bank interest 494 Income from securities lending 275 229 Total Income 4 270 333 Expenses Management fees 3 380 512 "Taxe d'abonnement" and other taxes 93 395 Bank interest 3 368 Other expenses* 1 058 488 Equalisation 1 015 505 Total Expenses 5 551 268 Net profit/loss -1 280 935 Realised profit/loss on: - Securities 1 565 512 - Forward foreign exchange contracts -1 700 - Foreign currencies -253 468 Equalisation 939 304 Net realised profit/loss 968 713 Net change in unrealised appreciation/ depreciation on: - Securities 33 026 821 - Forward foreign exchange contracts 2 Total profit/loss 33 995 536 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 155 617 826 162 628 002 Foreign exchange difference sub-fund 3 292 978-1 367 670 Total profit/loss -11 679 009 33 995 536 Net subscriptions/redemptions 15 434 552 178 512 060 Dividend distributions -38 345-32 708 Net assets at the end of the financial year 162 628 002 373 735 220 * See page 17 The TER (Total Expense Ratio) amounts to 2.08% for A-CHF shares, 2.08% for A- shares, 2.09% for A- shares, 2.08% for B-CHF shares, 2.08% for B- shares, 2.08% for B-GBP shares, 2.09% for B- shares, 1.31% for C-CHF shares, 1.33% for C- shares, 1.33% for C-GBP shares, 1.32% for C- shares, 2.82% for E- shares and 2.82% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. LBF - 2
Julius Baer Multistock - LUXURY BRANDS FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-CHF) 40 022.63 42 205.85 65 732.80 Distribution shares (Shares A-) 55 689.48 35 099.39 73 321.39 Distribution shares (Shares A-) 19 837.33 29 581.19 49 885.17 Accumulation shares (Shares B-CHF) 54 377.47 50 874.16 109 757.44 Accumulation shares (Shares B-) 465 232.08 253 237.57 623 903.49 Accumulation shares (Shares B-GBP) - 6 312.95 10 356.92 Accumulation shares (Shares B-) 109 533.70 222 909.63 234 026.20 Accumulation shares (Shares C-CHF) 3 265.29 609.93 2 622.72 Accumulation shares (Shares C-) 253 419.27 339 774.49 564 962.65 Accumulation shares (Shares C-GBP) - 26 404.14 37 553.58 Accumulation shares (Shares C-) 20 515.53 26 761.55 114 081.78 Accumulation shares (Shares E-) 30 100.55 56 486.22 189 256.28 Accumulation shares (Shares E-) 64 151.20 95 561.20 153 844.90 Net Assets 155 617 826 162 628 002 373 735 220 NAV per share Distribution shares (Shares A-CHF) 113.64 114.91 139.64 Distribution shares (Shares A-) 149.24 153.30 181.95 Distribution shares (Shares A-) 146.29 131.63 160.08 Accumulation shares (Shares B-CHF) 116.76 118.47 144.38 Accumulation shares (Shares B-) 153.64 158.47 188.60 Accumulation shares (Shares B-GBP) - 92.89 117.10 Accumulation shares (Shares B-) 150.49 135.80 165.56 Accumulation shares (Shares C-CHF) 120.02 122.71 150.67 Accumulation shares (Shares C-) 157.91 164.09 196.77 Accumulation shares (Shares C-GBP) - 94.10 119.52 Accumulation shares (Shares C-) 154.76 140.70 172.83 Accumulation shares (Shares E-) 149.82 153.38 181.19 Accumulation shares (Shares E-) 146.75 131.43 159.04 Dividend for the previous financial year (Shares A-CHF) 0.50 0.40 0.35 Dividend for the previous financial year (Shares A-) 0.75 0.60 0.45 Dividend for the previous financial year (Shares A-) 0.50 0.40 0.35 LBF - 3
Julius Baer Multistock - LUXURY BRANDS FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 355 492 373 95.12% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 355 492 373 95.12% Equities 355 271 041 95.06% France 84 604 455 22.65% 34 000 DIOR SA. CHRISTIAN 4 216 000 1.13% 50 000 HERMES INTERNATIONAL 12 400 000 3.32% 127 300 L OREAL 16 071 625 4.30% 71 900 LVMH MOET HENNESSY 0.3 8 951 550 2.40% 197 500 PERNOD-RICARD 16 825 025 4.50% 110 500 PPR SA 17 254 575 4.62% 109 000 REMY COINTREAU SA 8 885 680 2.38% United States 79 146 930 21.19% 150 000 BROWN-FORMAN CORP. B /NON-VOT 7 795 130 2.09% 90 000 DECKERS OUTDOOR CORP. 3 497 250 0.94% 305 000 ESTEE LAUDER COS A 15 432 435 4.13% 316 000 NIKE INC B 15 480 925 4.14% 126 000 POLO RALPH LAUREN 16 841 359 4.51% 279 500 TIFFANY & CO 15 662 407 4.19% 96 600 UNDER ARMOUR INC /-A- 4 437 424 1.19% Italy 58 897 786 15.76% 536 500 CAMPARI AZ / POST FRAZIONAMENTO 2 985 622 0.80% 301 000 LUXOTTICA GROUP 11 690 840 3.13% 2 670 000 PRADA 18 643 805 4.98% 605 603 SALVATORE 14 492 080 3.88% 84 000 TOD 9 122 400 2.44% 118 900 YOOX S.P.A 1 963 039 0.53% Switzerland 54 663 300 14.60% 300 000 CIE FINANCIERE RICHEMONT SA 20 380 486 5.44% 277 LINDT & SPRUENGLI / REG OPR 9 270 474 2.48% 59 500 THE SWATCH GROUP AG 25 012 340 6.68% Germany 35 665 620 9.55% 70 000 ADIDAS AG 5 819 800 1.56% 239 000 BMW - BAYER. MOTORENWERKE 16 056 020 4.30% 163 000 HUGO BOSS 13 789 800 3.69% United Kingdom 27 099 762 7.25% 678 500 BURBERRY GROUP PLC 10 695 761 2.86% 747 800 DIAGEO PLC 16 404 001 4.39% British, Virgin Islands 7 926 776 2.12% 166 000 MICHAEL KORS HOLDINGS LTD 7 926 776 2.12% Cayman Islands 6 287 715 1.68% 4 100 000 BELLE INTERNATIONAL HOLDI LTD 4 335 026 1.16% 1 320 000 CHOW 1 060 497 0.28% 5 082 000 HENGDELI 892 192 0.24% Panama 978 697 0.26% 37 100 CARNIVAL CORP 978 697 0.26% Options, warrants, rights 221 332 0.06% 221 332 0.06% 110 500 RIGHTS PPR 13 / FNAC 221 332 0.06% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. LBF - 4
Report of the Fund Management Julius Baer Multistock - NATURAL RESOURCES FUND Investment policy The Julius Baer Multistock - NATURAL RESSOURCES FUND aims to achieve long-term capital growth by investment in a diversified portfolio of natural resources companies. The portfolio is built around four natural resources building blocks: energy, metals, agriculture and water. The sub-fund aims to add value through rigorous bottom-up stock selection and strategic and tactical allocation between the four building blocks. The Julius Baer Multistock - NATURAL RESSOURCES FUND is suitable for long-term oriented investors willing to accept higher risk and wishing to diversify their portfolios towards natural resources. Market and portfolio review Global equities resumed their ascent during the third quarter of 2012 and finished the year on a strong note despite concerns about the US fiscal cliff and economic malaise in Europe. The surge in global equities continued in the first quarter of 2013 thanks to solid corporate earnings results and favourable global liquidity dynamics. Bullish sentiment was tempered somewhat by mixed Chinese economic data and renewed European sovereign debts concerns. Global equities rose in March. While the drama surrounding the Cyprus banking crisis reignited concerns about Europe s fragile state, favourable global liquidity dynamics continued to provide a tailwind for stocks. The sub-fund was insourced to Swiss & Global on 31 March 2013, and the strategy was changed to add water as a sector and also to make the sector allocation fully flexible. Since then, natural resources sectors have been very volatlie, especially mining and agriculture. This was mainly due to worries around emerging market growth (esp. China) negatively impacting the demand/supply situation for commodities, hence putting pressure on prices. The less volatile sectors were the more defensive energy subsectors (integrated oil companies, pipelines) and the water sector. The Julius Baer Multistock - NATURAL RESSOURCES FUND posted positive returns, mainly due to Oil & Gas, Food Products and Chemicals. Phillips 66, a US based company engaged in producing natural gas liquids and petrochemical, Rio Tinto, a leading metals and mining company based in the UK, and Repsol, a Spanish oil and gas exploration and production company, were top contributors. Fortescue Metals, an Australian iron ore producer, Freeport McMoRan, a copper and gold mining company, and Anglo American, a British multinational mining company, were top detractors. The Julius Baer Multistock - NATURAL RESSOURCES FUND added to BHP Billiton, diversified metals and mining company, and Whitehaven Coal, an Austrlian based mining company. The sub-fund initiated new positions in Deere & Co, a leading global agricultural equipment manufacturer. The Julius Baer Multistock - NATURAL RESSOURCES FUND eliminated Anglo American, Freepot-McMoRan and Antofagasta, a holding company with interests in copper mining, transport and water distribution businesses. Since insourcing, the portfolio structure has significantly changed. We reduced the energy sector to ca. 40% of the portfolio, investing more heavily into the LNG theme and higher growth E&P sector. In mining, we have a very concentrated portfolio with significant exposure to US steel equities alongside less than 2% in gold equities. As gold prices have slumped and pulled equities with them, this has been a major driver of outperformance versus peers. In agriculture, we are largely exposed to equipment companies and have exposure only to phosphate fertilizers as they benefit from a strong long term supply/demand scenario. This reduces our volatility as these companies tend to be less impacted by fluctuations in the corn price. In the water sector, water utilities are ca. 50% of the allocation, and represent the most defensive investment universe with high dividend yields and strong balance sheets. Water equipment companies have demonstrated relsilience as well, mainly due to their independence from economic growth. The information in this report is based on historical data and is no indication of future performance. NRF - 1
Julius Baer Multistock - NATURAL RESOURCES FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 27 848 678 (Cost: 29 397 147) Cash at banks 487 138 Receivable from brokers 1 481 341 Subscriptions receivable 8 473 Dividends and interest 50 675 Other receivables 14 939 Total Assets 29 891 244 Liabilities Bank overdraft 67 448 Payable to brokers 327 621 Payables for redemptions 275 364 Management fees payable 37 853 "Taxe d'abonnement" payable 3 041 Other liabilities 10 925 Total Liabilities 722 252 Net Assets 29 168 992 Income Income from investments 643 342 Bank interest 3 793 Income from securities lending 31 771 Other income 2 032 Equalisation 41 460 Total Income 722 398 Expenses Management fees 614 950 Custodian fees and charges 200 "Taxe d'abonnement" and other taxes 16 170 Bank interest 1 327 Other expenses* 217 763 Total Expenses 850 410 Net profit/loss -128 012 Realised profit/loss on: - Securities -5 759 146 - Foreign currencies -176 397 Equalisation 904 989 Net realised profit/loss -5 158 566 Net change in unrealised appreciation/ depreciation on: - Securities 5 010 188 Total profit/loss -148 378 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 74 840 855 40 350 871 Foreign exchange difference sub-fund -3 855 418 313 512 Total profit/loss -12 843 916-148 378 Net subscriptions/redemptions -17 781 856-11 339 096 Dividend distributions -8 794-7 917 Net assets at the end of the financial year 40 350 871 29 168 992 * See page 17 The TER (Total Expense Ratio) amounts to 2.21% for A-CHF shares, 2.19% for A- shares, 2.20% for A- shares, 2.21% for B-CHF shares, 2.21% for B- shares, 2.21% for B- shares, 1.37% for C-CHF shares, 1.37% for C- shares, 1.37% for C- shares, 2.95% for E- shares and 2.95% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. NRF - 2
Julius Baer Multistock - NATURAL RESOURCES FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-CHF) 26 736.87 21 112.09 14 474.00 Distribution shares (Shares A-) 6 246.23 6 476.81 14 299.24 Distribution shares (Shares A-) 4 728.00 1 603.68 1 573.68 Accumulation shares (Shares B-CHF) 73 970.30 54 048.30 37 046.25 Accumulation shares (Shares B-) 127 447.92 94 547.34 65 354.64 Accumulation shares (Shares B-) 315 453.15 179 463.49 116 497.48 Accumulation shares (Shares C-CHF) 8 910.00 8 910.00 3 410.00 Accumulation shares (Shares C-) 16 616.77 9 010.00 9 295.00 Accumulation shares (Shares C-) 64 131.43 64 601.11 54 946.43 Accumulation shares (Shares E-) 18 767.35 13 123.85 13 325.02 Accumulation shares (Shares E-) 61 742.55 55 104.79 48 170.41 Net Assets 74 840 855 40 350 871 29 168 992 NAV per share Distribution shares (Shares A-CHF) 67.76 58.24 55.61 Distribution shares (Shares A-) 92.08 80.51 75.13 Distribution shares (Shares A-) 94.23 72.09 68.92 Accumulation shares (Shares B-CHF) 68.91 59.46 56.96 Accumulation shares (Shares B-) 93.83 82.28 76.96 Accumulation shares (Shares B-) 96.11 73.75 70.68 Accumulation shares (Shares C-CHF) 70.97 61.82 59.71 Accumulation shares (Shares C-) 96.67 85.57 80.71 Accumulation shares (Shares C-) 99.04 76.72 74.14 Accumulation shares (Shares E-) 91.40 79.55 73.85 Accumulation shares (Shares E-) 93.63 71.31 67.84 Dividend for the previous financial year (Shares A-CHF) 0.30 0.25 0.20 Dividend for the previous financial year (Shares A-) 0.30 0.25 0.20 Dividend for the previous financial year (Shares A-) 0.30 0.25 0.20 NRF - 3
Julius Baer Multistock - NATURAL RESOURCES FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 27 848 678 95.47% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 27 372 933 93.84% Equities 27 372 933 93.84% United States 11 246 093 38.55% 6 000 AGCO CORP. 301 140 1.03% 14 000 AMERICAN WATER WORKS CO INC 577 220 1.98% 5 000 ANADARKO PETROL. CORP. 429 650 1.47% 18 500 AQUA AMERICA INC 578 865 1.98% 5 000 CHART INDUSTRIES INC 470 450 1.61% 7 187 CHEVRON CORPORATION 850 510 2.92% 14 990 COBALT INTL ENERGY INC 398 284 1.37% 17 000 CONSOL ENERGY INC 460 700 1.58% 7 975 DEERE & CO. 647 969 2.22% 70 000 GRAN TIERRA ENERGY INC 425 992 1.46% 5 000 MARATHON PETROLEUM CORP 355 300 1.22% 20 000 MASTEC INC 658 000 2.26% 6 806 MONSANTO CO 672 433 2.31% 5 500 MOSAIC CO 295 955 1.01% 108 600 MUELLER WATER PRODUCTS INC -A- 750 426 2.57% 10 008 NUCOR CORP. 433 547 1.49% 85 000 NUVERRA 246 500 0.85% 19 280 PEABODY ENERGY 282 259 0.97% 6 000 RELIANCE STEEL & ALUMINIUM CO 393 360 1.35% 20 000 SOUTHWESTERN ENERGY CO 730 600 2.50% 9 941 TESORO CORP. 520 113 1.78% 12 050 TRIMBLE NAVIGATION LTD 313 420 1.07% 10 000 WATTS WATER TECHNOLOGIES INC 453 400 1.55% Canada 4 150 018 14.24% 7 968 AGRIUM INC 688 679 2.36% 15 000 ALTAGAS 524 101 1.80% 70 000 BANKERS PETROLEUM -A- 173 184 0.59% 8 056 ENBRIDGE INC. 337 604 1.16% 12 000 GOLDCORP INC 296 760 1.02% 233 200 MBAC 446 527 1.53% 14 000 METHANEX CORP 597 848 2.05% 19 800 NEWALTA CORP 268 204 0.92% 19 646 SUNCOR ENERGY 579 361 1.99% 25 000 YAMANA GOLD INC 237 750 0.82% Jersey 1 117 297 3.82% 270 683 GLENCORE XSTRATA PLC 1 117 297 3.82% Luxembourg 1 102 159 3.78% 71 933 ARCELORMITTAL 805 650 2.76% 17 000 SUBSEA 7 SA 296 509 1.02% Japan 844 114 2.89% 40 000 CHIYODA CORP 469 925 1.61% 70 000 EBARA CORP. 374 189 1.28% China 457 562 1.57% 650 000 CHINA PETROLEUM & CHEM CORP H 457 562 1.57% Curaçao 412 403 1.41% 5 755 SCHLUMBERGER LTD 412 403 1.41% France 386 991 1.33% 30 000 SUEZ ENVIRONNEMENT CIE 386 991 1.33% Mexico 374 254 1.28% 130 000 GRUPO MEXICO SAB DE CV /-B- 374 254 1.28% Italy 328 186 1.13% 16 000 ENI SPA ROMA 328 186 1.13% Cayman Islands 208 237 0.71% 16 000 COASTAL ENERGY COMPANY 208 237 0.71% UNLISTED SECURITIES 475 745 1.63% Equities 475 745 1.63% British, Virgin Islands 475 745 1.63% 52 937 UNION AGRICULTURE GROUP CORP 475 745 1.63% United Kingdom 2 076 507 7.12% 24 928 BHP BILLITON PLC 635 936 2.18% 61 265 BP PLC 423 021 1.45% 30 103 OPHIR ENERGY PLC 162 996 0.56% 21 000 RIO TINTO PLC / REG. 854 554 2.93% Switzerland 1 619 192 5.55% 1 500 BUCHER INDUSTRIES AG / NAM OPR 358 770 1.23% 10 000 NOBLE CORP NAMEN-AKT. 375 800 1.29% 4 500 PENTAIR 259 605 0.89% 1 600 SYNGENTA AG / NAM. 625 017 2.14% Hong Kong 1 531 705 5.26% 350 000 CHINA EVERBRIGHT INTL LTD 270 747 0.93% 350 000 CNOOC LTD 593 838 2.04% 770 000 GUANGDONG INVESTMENT LTD 667 120 2.29% Bermuda Islands 1 518 215 5.20% 310 000 AFRICAN MINERALS LTD 890 985 3.05% 1 750 000 BEIJING ENTERPRISES WATER GP 627 230 2.15% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. NRF - 4
Julius Baer Multistock - NORTHERN AFRICA FUND Report of the Fund Management Investment policy The Julius Baer Multistock - NORTHERN AFRICA FUND aims to achieve long-term capital growth by investment in selected Northern African companies. It intends to participate in the high economic growth of Northern Africa. The Julius Baer Multistock - NORTHERN AFRICA FUND employs a bottom-up stock selection approach combined with top-down country and sector analysis. The Julius Baer Multistock - NORTHERN AFRICA FUND is suitable for long-term oriented investors willing to accept higher risk and wishing to gain access to Northern African companies and diversify their global portfolios. Market and portfolio review During the fiscal year, the African region underperformed both the MSCI World and Emerging Markets. The north of the continent was the worst performing region with Egypt being the biggest detractor, followed by Tunisia and Morocco, respectively losing -16.2%, -13.9% and -12.9% in Euro terms. The sub-saharan markets were the best performing markets, clearly decorrelated from the rest of the region. Nigeria and Kenya both outperformed respectively gaining +63% and +18.6% in Euro. In terms of sectors, the materials and energy were the lagging sectors, maily driven by global growth uncertainties, especially focusing on China. Whereas both the consumer discretionary and staples were the best performing sectors. The Julius Baer Multistock - NORTHERN AFRICA FUND ended the fiscal year with a negative performance of -14% in Euro terms. Our stock selection was strong in Egypt, Nigeria, Kenya and Morocco where our holdings performed substancially better than the underlying indices. Our stock selection was negative in Tunisia and within the material sector in the sub-saharan region. During the period the sub-fund has decreased its exposure to Materials in favor on Nigeria and Kenya. Tunisia and Morocco and Egypt kept the same weightings. The information in this report is based on historical data and is no indication of future performance. NAF - 1
Julius Baer Multistock - NORTHERN AFRICA FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 26 818 188 (Cost: 33 697 757) Cash at banks 91 886 Subscriptions receivable 1 853 Dividends and interest 107 873 Other receivables 638 Total Assets 27 020 438 Liabilities Bank overdraft 11 710 Payables for redemptions 38 623 Management fees payable 30 683 "Taxe d'abonnement" payable 2 460 Other liabilities 17 834 Total Liabilities 101 310 Net Assets 26 919 128 Income Income from investments 1 261 727 Bank interest 566 Income from securities lending 12 303 Equalisation 19 959 Total Income 1 294 555 Expenses Management fees 570 485 "Taxe d'abonnement" and other taxes 14 794 Bank interest 5 642 Other expenses* 346 292 Equalisation 50 006 Total Expenses 987 219 Net profit/loss 307 336 Realised profit/loss on: - Securities -9 173 863 - Foreign currencies -83 419 Equalisation 1 653 189 Net realised profit/loss -7 296 757 Net change in unrealised appreciation/ depreciation on: - Securities 4 492 102 Total profit/loss -2 804 655 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 84 214 601 45 947 679 Foreign exchange difference sub-fund 5 032 767-360 709 Total profit/loss -14 218 747-2 804 655 Net subscriptions/redemptions -28 993 390-15 790 273 Dividend distributions -87 552-72 914 Net assets at the end of the financial year 45 947 679 26 919 128 * See page 17 The TER (Total Expense Ratio) amounts to 2.54% for A-CHF shares, 2.54% for A- shares, 2.54% for A- shares, 2.55% for B-CHF shares, 2.54% for B- shares, 2.54% for B- shares, 1.60% for C-CHF shares, 1.60% for C- shares, 1.60% for C- shares, 3.29% for E- shares and 3.30% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. NAF - 2
Julius Baer Multistock - NORTHERN AFRICA FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-CHF) 4 434.61 2 890.02 2 485.69 Distribution shares (Shares A-) 28 234.36 29 569.59 22 193.48 Distribution shares (Shares A-) 24 194.87 22 286.02 16 519.51 Accumulation shares (Shares B-CHF) 88 664.91 93 914.41 26 373.01 Accumulation shares (Shares B-) 325 821.85 221 883.57 173 615.54 Accumulation shares (Shares B-) 393 856.66 49 144.28 33 480.03 Accumulation shares (Shares C-CHF) 35 810.00 35 510.00 87 088.49 Accumulation shares (Shares C-) 64 387.65 92 934.48 6 858.13 Accumulation shares (Shares C-) 94 183.42 76 720.31 75 010.00 Accumulation shares (Shares E-) 31 003.19 27 374.43 18 992.25 Accumulation shares (Shares E-) 5 891.00 1 914.00 362.48 Net Assets 84 214 601 45 947 679 26 919 128 NAV per share Distribution shares (Shares A-CHF) 60.50 50.27 43.03 Distribution shares (Shares A-) 83.29 70.93 59.79 Distribution shares (Shares A-) 82.60 61.30 52.64 Accumulation shares (Shares B-CHF) 69.49 59.68 52.55 Accumulation shares (Shares B-) 94.70 82.63 71.06 Accumulation shares (Shares B-) 96.57 73.74 64.95 Accumulation shares (Shares C-CHF) 71.90 62.36 55.44 Accumulation shares (Shares C-) 97.78 86.17 74.81 Accumulation shares (Shares C-) 99.83 76.98 68.45 Accumulation shares (Shares E-) 92.12 79.78 68.10 Accumulation shares (Shares E-) 94.05 71.28 62.32 Dividend for the previous financial year (Shares A-CHF) 2.20 1.80 1.55 Dividend for the previous financial year (Shares A-) 2.20 1.80 1.55 Dividend for the previous financial year (Shares A-) 2.50 2.00 1.70 NAF - 3
Julius Baer Multistock - NORTHERN AFRICA FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 26 818 188 99.63% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 16 369 036 60.81% Equities 16 356 852 60.76% Egypt 7 469 049 27.75% 2 438 500 AMER GROUP 109 576 0.41% 99 453 COMMERCIAL INTL / GDR (REGS) 305 892 1.14% 466 275 COMMERCIAL INTL. BANK LTD 1 470 248 5.45% 238 800 CREDIT AGRICOLE EGYPT 237 645 0.88% 87 694 EGYPTIAN INTL. PHARMACEUTICAL 406 074 1.51% 454 164 EZZ STEEL 385 765 1.43% 1 150 000 JUHAYNA FOOD INDUSTRIES 1 167 126 4.33% 64 207 NATIONAL SOCIETE GENERALE BANK 179 586 0.67% 40 163 ORASCOM CONSTRUCTION INDUSTRIE 1 062 342 3.95% 4 763 643 ORASCOM TEL MED 203 616 0.76% 2 263 643 ORASCOM TELECOM HOLDING 932 835 3.47% 281 810 PALM HILLS DEVLOPMENTS SAE 50 036 0.19% 59 788 SEWEDY ELEC 115 001 0.43% 123 278 SIXTH OF OC. DVPT & INV / SOD SA 199 155 0.74% 288 345 TELECOM EGYPT 364 377 1.35% 635 000 TMG HOLDING 279 775 1.04% Tunisia 1 841 915 6.85% 45 000 ADWYA SA 163 220 0.61% 8 632 AMEN BANK AB TUNISIE 127 244 0.47% 89 873 BANQUE DE TUNISIE 392 847 1.46% 28 993 BANQUE NATIONALE AGRICOLE BNA 123 362 0.46% 6 628 BIAT 206 440 0.77% 40 950 L ACCUMULAT TUNISIEN (ASSAD) 159 384 0.59% 139 899 POULINA GROUP HOLDING 397 486 1.48% 123 112 TUNISIE PROFIELS ALUMINIUM 271 932 1.01% Canada 1 735 197 6.44% 345 000 AUREUS MINING 93 594 0.35% 115 224 FIRST QUANTUM MINERALS LTD 1 310 818 4.86% 102 624 IAMGOLD 330 785 1.23% United Kingdom 1 708 713 6.35% 112 000 BOWLEVEN PLC EDINBURGH 77 431 0.29% 113 800 LN MINING 123 158 0.46% 2 942 871 LONRHO 340 635 1.27% 52 500 OPHIR ENERGY PLC 218 693 0.81% 81 233 TULLOW OIL PLC 948 796 3.52% Netherlands 921 803 3.42% 44 378 OCI NV -ORD- 921 803 3.42% Morocco 735 914 2.73% 82 702 MAROC TELECOM 735 914 2.73% Jersey 687 926 2.56% 605 000 CENTAMIN SHS 223 003 0.83% 9 754 RANDGOLD RESOURCES LTD 464 923 1.73% Australia 424 565 1.57% 123 750 MINERAL DEPOSITS LIMITED 178 646 0.66% 1 396 875 WORLD TITANIUM RESOURCES LTD 245 919 0.91% Bermuda Islands 280 861 1.04% 127 021 AFRICAN MINERALS LTD 280 861 1.04% France 171 375 0.64% 15 000 ETABLISSEMENT MAUREL & PROM 171 375 0.64% Ireland 112 563 0.42% 392 152 KENMARE RESOURCES PLC 112 563 0.42% Options, warrants, rights 12 184 0.05% TND 12 184 0.05% 68 950 RIGHT L ACCUMULAT 12 184 0.05% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 10 072 052 37.41% Equities 10 072 052 37.41% Nigeria 4 275 160 15.87% 4 040 328 ACCESS BANK NIGERIA 208 467 0.77% 1 422 960 ASHAKA CEMENT 164 016 0.61% 349 404 DANGOTE CEMENT PLC 301 018 1.12% 3 021 908 DANGOTE FLOUR MILLS PLC 132 317 0.49% 2 440 910 DANGOTE SUGAR REFINERY 131 835 0.49% 6 220 000 DIAMOND BANK NIGERIA PLC 178 131 0.66% 3 436 738 FBN HOLDINGS PLC 291 201 1.08% 883 930 GLAXOSMITHKLINE NIGERIA 259 420 0.96% 2 654 152 GUARANTY TRUST BANK 305 299 1.13% 157 893 NESTLE FOODS NIGERIA PLC 717 510 2.67% 936 394 NIGERIAN BREWERIES PLC 691 919 2.57% 11 039 732 UNITED BANK FOR AFRICA 423 289 1.57% 5 022 500 ZENITH BANK 470 738 1.75% Kenya 3 326 033 12.37% 546 000 ATHI RIVER MINING LTD 322 837 1.20% 109 800 BAMBURI CEMENT CO LTD 211 489 0.79% 971 000 BARCLAYS BANK 137 008 0.51% 111 988 DIAMOND TRUST OF KENYA LTD 172 562 0.64% 208 300 EAST AFRICAN BREWERIES LTD 634 475 2.36% 1 885 800 EQUITY BANK LTD 527 949 1.96% 1 648 880 KENYA AIRWAYS LTD 146 980 0.55% 1 600 810 KENYA COMMERCIAL BANK 530 625 1.97% 10 859 700 SAFARICOM 642 108 2.39% Morocco 2 245 154 8.33% 49 413 ATTIJARIWAFA BANK 1 456 326 5.40% 103 213 DOUJA PROM. GRP ADDOHA MAROC 444 371 1.65% 3 325 SALAFIN (GRP BMCE) 164 373 0.61% 703 WAFA ASSURANCES. MAROC 180 084 0.67% Togo 225 705 0.84% 3 150 000 ECOBANK TRANSNATIONAL INCORP 225 705 0.84% UNLISTED SECURITIES 377 100 1.41% Equities 211 980 0.79% Zambia 211 980 0.79% 339 629 ZAMBEEF PRODUCT PLC 211 980 0.79% Options, warrants, rights 165 120 0.62% TND 165 120 0.62% 123 112 RIGHT TPR 2013 0 0.00% 89 873 RIGHTS BQE DE TUNISIE 125 377 0.47% 377 851 RIGHTS TUNISIE PROFILES AL 39 743 0.15% Nigeria 266 971 0.99% 50 963 GUARANTY TRUST BK PLC / SGDR 266 971 0.99% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. NAF - 4
Julius Baer Multistock - RUSSIA FUND Report of the Fund Management Investment policy The Julius Baer Multistock - RUSSIA FUND aims to achieve long-term capital growth by investing in the Russian Federation equity market. It will follow a bottom-up stock selection approach based on fundamental research. The Julius Baer Multistock - RUSSIA FUND is suitable for experienced investors who have experience with volatile investments and wish to benefit from developments in specialised markets. The investors should also be familiar with the investment opportunities and risks specific to these market segments. The Julius Baer Multistock - RUSSIA FUND may be used as a supplementary investment within a widely diversified portfolio. Market and portfolio review The Russian market was pretty much flat during the last year underperforming Emerging and Developed markets. The reasons for the underperformance were a growth slowdown in China coupled with a lower oil price. Russia is a commodity driven market and highly dependent on Chinese growth expectations. A Chinese economic recovery will increase risk appetite. Beside that domestic and geopolitical developments have solidified the negative perception of Russian equity investors. The Julius Baer Multistock - RUSSIA FUND outperformed the reference Index during the fiscal year. The underweight in Utilities and the overweight in Consumer Staples and Health Care contributed positively to the fund s performance. The underweight in Telecoms and Financials had a negative contribution to the fund s performance. Stock selection was one of the biggest positive contributors. Not only the stocks selected in the Consumer Discretionary and Consumer Staples sector, but also the stock selected in the Health Care and Material space developed positively. During the reporting period the underweight in Energy was reduced in favour of Consumer Staples, Consumer Discretionary and Health Care, locking in the profits generated in all those sectors. The information in this report is based on historical data and is no indication of future performance. RUF - 1
Julius Baer Multistock - RUSSIA FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 23 217 721 (Cost: 25 874 596) Derivative instruments at market value: - Futures 56 800 Cash at banks 516 980 Receivable from brokers 516 106 Subscriptions receivable 9 310 Dividends and interest 631 704 Total Assets 24 948 621 Liabilities Bank overdraft 191 586 Payables for redemptions 40 253 Management fees payable 25 740 "Taxe d'abonnement" payable 2 101 Other liabilities 8 857 Total Liabilities 268 537 Net Assets 24 680 084 Income Income from investments 1 121 838 Bank interest 275 Other income 1 179 Equalisation 14 322 Total Income 1 137 614 Expenses Management fees 368 717 "Taxe d'abonnement" and other taxes 9 500 Bank interest 1 280 Other expenses* 141 696 Equalisation 10 699 Total Expenses 531 892 Net profit/loss 605 722 Realised profit/loss on: - Securities -1 640 900 - Futures -393 834 - Foreign currencies -46 578 Equalisation 46 578 Net realised profit/loss -1 429 012 Net change in unrealised appreciation/ depreciation on: - Securities 1 789 454 - Futures 17 825 Total profit/loss 378 267 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 39 794 551 25 429 086 Foreign exchange difference sub-fund -3 669 039 431 663 Total profit/loss -7 406 767 378 267 Net subscriptions/redemptions -3 285 864-1 484 700 Dividend distributions -3 795-74 232 Net assets at the end of the financial year 25 429 086 24 680 084 * See page 17 The TER (Total Expense Ratio) amounts to 2.09% for A- shares, 2.05% for A- shares, 2.09% for B- shares, 2.09% for B- shares, 1.40% for C- shares, 1.40% for C- shares, 2.81% for E- shares and 2.76%** for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). **Due to the low volume of this share class, the TER ratio disclosed is not representative. The accompanying notes form an integral part of the financial statements. RUF - 2
Julius Baer Multistock - RUSSIA FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 14 583.21 18 572.73 21 111.18 Distribution shares (Shares A-) 17 974.49 19 248.34 1 926.05 Accumulation shares (Shares B-) 85 825.92 68 406.81 66 356.95 Accumulation shares (Shares B-) 75 191.30 74 061.87 66 731.55 Accumulation shares (Shares C-) 88 948.99 70 171.69 66 886.85 Accumulation shares (Shares C-) 11 507.18 10 787.35 16 485.61 Accumulation shares (Shares E-) 4 790.95 2 967.37 7 361.54 Accumulation shares (Shares E-) 4 003.45 5 466.50 1 083.67 Net Assets 39 794 551 25 429 086 24 680 084 NAV per share Distribution shares (Shares A-) 103.05 86.04 84.73 Distribution shares (Shares A-) 95.06 69.43 69.94 Accumulation shares (Shares B-) 103.40 86.42 86.83 Accumulation shares (Shares B-) 95.30 69.69 71.71 Accumulation shares (Shares C-) 106.03 89.15 90.18 Accumulation shares (Shares C-) 97.68 71.86 74.45 Accumulation shares (Shares E-) 101.35 84.08 83.86 Accumulation shares (Shares E-) 93.41 67.80 69.25 Dividend for the previous financial year (Shares A-) 0.15 0.10 1.85 Dividend for the previous financial year (Shares A-) 0.15 0.10 1.60 RUF - 3
Julius Baer Multistock - RUSSIA FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 23 217 721 94.07% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 10 132 120 41.06% Equities 10 132 120 41.06% Russia 9 132 570 37.01% 28 000 AFK SISTEMA / SGDR 549 038 2.22% 175 000 GAZPR SPONS. ADR REPR 2 SHS 1 138 655 4.61% 30 000 JSC SURGUTNEFTEGAZ / SADR 234 944 0.95% 9 000 LUKOIL / SADR REP.1 SHS. 516 600 2.09% 31 000 MAGNIT OJSC - SGDR 1 764 184 7.16% 47 000 MEGAFON OJSC /GDR 1 462 602 5.93% 66 000 MMC NORILSK NICKEL / SADR 944 964 3.83% 13 000 MOBILE TELESYSTEMS / SADR 246 220 1.00% 7 000 NOVATEK OAO / SGDR 835 244 3.38% 10 200 OAO TATNEFT / SGDR REP.6 REGS 370 566 1.50% 34 000 PHOSAGRO OJSC / SGDR 414 076 1.68% 230 000 VNESHTORGBANK SGDR 655 477 2.66% Netherlands 414 450 1.68% 15 000 YANDEX NV -A- 414 450 1.68% United States 333 600 1.35% 30 000 CTC MEDIA INC 333 600 1.35% Bermuda Islands 251 500 1.02% 25 000 VIMPELCOM SP /ADR 251 500 1.02% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 13 085 601 53.01% Equities 13 085 601 53.01% Russia 13 085 601 53.01% 330 400 AEROFLOT MOSCOW 568 753 2.30% 12 000 AKRON OJSC 455 066 1.84% 400 000 ALROSA CJSC 417 415 1.69% 85 000 AO TATNEFT 507 678 2.06% 5 500 BASHNEFT OJSC 308 711 1.25% 15 000 000 FEDERAL HYDROGENERATING COMPANY OJSC 228 510 0.93% 125 000 000 FSK EES 386 750 1.57% 6 000 GAZ AUTO WORKS 189 736 0.77% 4 000 GAZPROM AVTOMATIZATSIYA / 3PREF 36 000 0.15% 2 000 GAZPROM AVTOMATIZATSIYA OJSC 60 000 0.24% 60 000 000 IDGC VENTER & VOL 243 060 0.98% 120 000 000 IDGC VOLGA 204 840 0.83% 1 770 000 JSC SURGUTNEFTEGAZ / PREF. 1 108 657 4.49% 20 500 LUKOIL HOLDING 1 178 689 4.78% 97 500 M VIDEO COMPANY JSC 706 396 2.86% 2 700 MAGNIT JSC 618 171 2.50% 760 000 PROTEK 911 460 3.69% 105 000 ROSTELEKOM 282 109 1.14% 75 000 SBERBANK / PREF. 159 880 0.65% 550 000 SBERBANK OF RUSSIA OJSC 1 566 508 6.35% 20 000 SEVERSTAL CHEREPOV.MET F 127 514 0.52% 41 000 SOLLERS JSC 887 248 3.59% 160 000 TNK-BP HOLDING 226 004 0.92% 480 TRANSNEFT OJSC MOSCOW 1 061 028 4.30% 72 000 URALKALIY. BEREZNIKI 479 426 1.94% 81 257 620 VNESHTORGBANK 116 117 0.47% 95 000 YAKUTIA RAILWAYS JSC 49 875 0.20% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. RUF - 4
Report of the Fund Management Julius Baer Multistock - SWISS SMALL & MID CAP STOCK FUND Investment policy The Julius Baer Multistock - SWISS SMALL & MID CAP STOCK FUND aims to achieve long-term capital appreciation primarily through investments in a diversified portfolio of Swiss small and mid-cap shares. The sub-fund is suitable for equity investors with a long-term approach and a high to very high degree of risk tolerance, wishing to participate in the potential of small and mid-cap companies in Switzerland. It is an appropriate complement to an equity portfolio containing Swiss blue chip instruments. Market and portfolio review In the period under review the Swiss small & midcaps were up 20.8%. After the European Central Bank s pledge to do whatever is needed so save the the market started a rally led by defensive stocks. Investors were looking for stable cash flows and an attractive dividend yield. Small caps and cyclical stocks were less in favor. The portfolio was positioned for a market rebound but lagged the benchmark slightly. Our overweights in Kardex, Burckhardt Compression, Bucher, Partners Group, Clariant and Daetwyler as well as the underweights in Swiss Prime Site, Valiant, PSP and Meyer Burger contributed positively to the relative performance. Detracting were the overweights in Logitech, Zehnder, Galenica, Straumann, Tornos, Kaba and Barry Callebaut as well as the underweights in Lonza and Ems Chemie. The information in this report is based on historical data and is no indication of future performance. SSSF - 1
Julius Baer Multistock - SWISS SMALL & MID CAP STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 CHF PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 CHF Assets Investments at market value 84 015 440 (Cost: 76 132 165) Cash at banks 104 397 Subscriptions receivable 182 Other receivables 2 514 Total Assets 84 122 533 Liabilities Payables for redemptions 43 300 Management fees payable 85 338 "Taxe d'abonnement" payable 9 229 Other liabilities 28 333 Total Liabilities 166 200 Net Assets 83 956 333 Income Income from investments 1 691 591 Bank interest 13 Income from securities lending 49 988 Equalisation 36 986 Total Income 1 778 578 Expenses Management fees 1 117 647 "Taxe d'abonnement" and other taxes 38 185 Bank interest 3 588 Other expenses* 368 590 Total Expenses 1 528 010 Net profit/loss 250 568 Realised profit/loss on: - Securities -4 256 736 - Foreign currencies -399 Equalisation 63 748 Net realised profit/loss -3 942 819 Net change in unrealised appreciation/ depreciation on: - Securities 19 424 612 Total profit/loss 15 481 793 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 CHF 30 June 2013 CHF Net assets at the beginning of the financial year 119 302 974 85 223 977 Total profit/loss -16 682 796 15 481 793 Net subscriptions/redemptions -17 370 680-16 688 757 Dividend distributions -25 521-60 680 Net assets at the end of the financial year 85 223 977 83 956 333 * See page 17 The TER (Total Expense Ratio) amounts to 1.89% for A-CHF shares, 1.89% for B-CHF shares, 0.95% for C-CHF shares and 2.64% for E-CHF shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. SSSF - 2
Julius Baer Multistock - SWISS SMALL & MID CAP STOCK FUND COMPARATIVE STATEMENT 30 June 2011 CHF 30 June 2012 CHF 30 June 2013 CHF Number of shares outstanding Distribution shares (Shares A-CHF) 49 139.00 48 665.33 47 890.83 Accumulation shares (Shares B-CHF) 183 195.93 158 871.68 131 962.41 Accumulation shares (Shares C-CHF) 58 929.18 33 930.75 21 645.75 Accumulation shares (Shares E-CHF) 4 367.32 4 806.98 3 966.25 Net Assets 119 302 974 85 223 977 83 956 333 NAV per share Distribution shares (Shares A-CHF) 328.41 285.54 339.43 Accumulation shares (Shares B-CHF) 414.60 361.13 431.09 Accumulation shares (Shares C-CHF) 454.45 399.21 481.07 Accumulation shares (Shares E-CHF) 98.57 85.21 100.96 Dividend for the previous financial year (Shares A-CHF) 0.60 0.50 1.25 SSSF - 3
Julius Baer Multistock - SWISS SMALL & MID CAP STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value CHF % of net assets TOTAL 84 015 440 100.07% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 82 995 341 98.85% Equities 82 995 341 98.85% Switzerland 82 995 341 98.85% 38 195 ACTELION LTD OPR 2 173 296 2.59% 85 455 ARYZTA AG/NAM. 4 537 660 5.40% 18 267 BALOISE HOLDING / NAMEN 1 677 824 2.00% 2 710 BARRY 2 344 150 2.79% 231 BELIMO HOLDING AG / NAM. 486 717 0.58% 661 BELL AG 1 399 998 1.67% 39 261 BOBST GROUP SA. PRILLY / NOM. 1 126 791 1.34% 11 507 BOSSARD HOLDING AG 1 685 776 2.01% 11 230 BUCHER INDUSTRIES AG / NAM OPR 2 541 349 3.03% 6 287 BURCKHARDT 2 363 912 2.82% 301 950 CLARIANT/NAMEN-AKT. 4 034 052 4.80% 15 994 DAETWYLER HOLDING AG 1 591 403 1.90% 21 555 DKSH HOLDING LTD 1 674 824 1.99% 17 007 DUFRY AG BASEL 1 949 002 2.32% 5 153 FISCHER GEORG AG / NAM. 2 147 513 2.56% 5 667 GALENICA AG / NAMENAKTIE 3 366 198 4.01% 107 563 GAM HOLDING AG / NAMEN-AKT OPR 1 559 664 1.86% 3 072 HELVETIA HOLDING SA / NOM. 1 171 968 1.40% 3 645 INTERROLL HOLDING LTD / NAM. 1 414 260 1.68% 6 038 KABA HOLDING AG RUEMLANG 2 138 962 2.55% 44 543 KARDEX / NAMEN AKT. 1 510 008 1.80% 7 030 KOMAX HOLDING AG 657 305 0.78% 29 298 KUEHNE + NAGEL INTERNATIONAL 3 038 203 3.62% 7 093 KUONI REISEN HOLDING / NAM.-B- 2 111 941 2.52% 458 LINDT & SPRUENGLI / PARTIZ OPR 1 624 984 1.94% 303 234 LOGITECH INTERNATIONAL SA OPR 1 974 053 2.35% 156 595 NOBEL BIOCARE HOLDING LTD / NAM 1 800 842 2.14% 15 323 PARTNERS GROUP HOLDING 3 918 857 4.67% 2 033 PHOENIX MECANO AG (CHF 10) OPR 933 655 1.11% 19 744 SCHINDLER HOLDING / PARTIC. OPR 2 598 310 3.09% 1 841 SIKA SA. BAAR 4 503 086 5.36% 45 997 SONOVA HOLDING AG /NOM. 4 608 898 5.48% 11 803 SULZER AG/ NAMENSAKTIEN 1 783 433 2.12% 14 025 SWISS LIFE HOLDING / NAM 2 154 240 2.57% 32 001 SWISSQUOTE GROUP HLD / NOM. 900 828 1.07% 47 898 THE SWATCH GROUP AG / NAM. 4 262 922 5.08% 682 VETROP. HLD SA. SAINT - PREX 1 248 060 1.49% 6 886 VZ HOLDING AG 908 952 1.08% 25 450 ZEHNDER 1 071 445 1.28% UNLISTED SECURITIES 0 0.00% Equities 0 0.00% Switzerland 0 0.00% 18 000 MINICAP TECHN. -A- /REG. 0 0.00% INVESTMENT FUNDS 1 020 099 1.22% Switzerland 1 020 099 1.22% 7 060 CS ETF (CH) SMIM R 1 020 099 1.22% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. SSSF - 4
Julius Baer Multistock - SWISS STOCK FUND Report of the Fund Management Investment policy The Julius Baer Multistock - SWISS STOCK FUND primarily invests in the equities in Swiss companies and in doing so, takes account of the theoretical and empirical findings of the style investing approach. Because of Luxembourg guidelines, large caps tend to be underweighted. It serves riskaware investors who are convinced of the medium- to long-term potential of Swiss companies and wish to cover their investment needs in this area with a single product. Market and portfolio review The Swiss equity market turned in a very strong performance, gaining 28.7%. Low interest rates, high liquidity and the stabilisation of the crisis in Europe led to a rally in the markets. Defensive stocks achieved above-average performance. The rally was led by blue chips. Small-caps turned in a very modest performance. The Julius Baer Multistock - SWISS STOCK FUND lagged behind the benchmark during the fiscal year. The majority of the negative performance is due to the underweighting of blue chips and the overweighting of small- and mid-caps. During the reporting period, the performance of small- and mid-caps was below average. The overweighting in services and the underweighting in healthcare had a negative impact on performance. The underweight in consumer goods also made a positive contribution. At the level of individual stocks, the overweights in Logitech, Straumann, Kuoni, Sonova, Galenica, Aryzta, Dufry, Kaba and Zehnder and the underweight in Roche and Novartis hurt performance. The overweights in Richemont, DKSH, Bucher, Swisslife, Actelion, Kardex, Clariant, Partners Group and Sika, and the underweight in Nestlé, Swiss Prime Site and Swisscom made a positive contribution. The information in this report is based on historical data and is no indication of future performance. SSF - 1
Julius Baer Multistock - SWISS STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 CHF PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 CHF Assets Investments at market value 189 769 107 (Cost: 160 355 955) Derivative instruments at market value: - Futures 3 780 Cash at banks 980 398 Subscriptions receivable 97 655 Other receivables 3 730 Total Assets 190 854 670 Liabilities Bank overdraft 3 780 Payables for redemptions 382 711 Management fees payable 147 790 "Taxe d'abonnement" payable 23 161 Other liabilities 66 602 Total Liabilities 624 044 Net Assets 190 230 626 Income Income from investments 4 550 767 Income from securities lending 200 009 Equalisation 4 167 Total Income 4 754 943 Expenses Management fees 1 875 656 "Taxe d'abonnement" and other taxes 94 058 Bank interest 4 508 Other expenses* 845 061 Total Expenses 2 819 283 Net profit/loss 1 935 660 Realised profit/loss on: - Securities 1 026 090 - Futures 69 890 - Foreign currencies -2 935 Equalisation -166 945 Net realised profit/loss 2 861 760 Net change in unrealised appreciation/ depreciation on: - Securities 39 547 215 - Futures 2 340 Total profit/loss 42 411 315 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 CHF 30 June 2013 CHF Net assets at the beginning of the financial year 228 984 935 178 152 236 Total profit/loss -15 515 510 42 411 315 Net subscriptions/redemptions -35 056 017-29 892 346 Dividend distributions -261 172-440 579 Net assets at the end of the financial year 178 152 236 190 230 626 * See page 17 The TER (Total Expense Ratio) amounts to 1.50% for A-CHF shares, 1.50% for B-CHF shares, 0.75% for C-CHF shares and 2.24% for E-CHF shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. SSF - 2
Julius Baer Multistock - SWISS STOCK FUND COMPARATIVE STATEMENT 30 June 2011 CHF 30 June 2012 CHF 30 June 2013 CHF Number of shares outstanding Distribution shares (Shares A-CHF) 159 769.99 152 670.98 146 252.92 Accumulation shares (Shares B-CHF) 455 988.03 395 993.84 328 764.99 Accumulation shares (Shares C-CHF) 43 071.40 5 215.31 347.72 Accumulation shares (Shares E-CHF) 5 905.85 7 065.75 13 993.72 Net Assets 228 984 935 178 152 236 190 230 626 NAV per share Distribution shares (Shares A-CHF) 275.66 257.09 319.15 Accumulation shares (Shares B-CHF) 366.83 344.44 432.11 Accumulation shares (Shares C-CHF) 399.09 377.56 477.32 Accumulation shares (Shares E-CHF) 81.67 76.11 94.77 Dividend for the previous financial year (Shares A-CHF) 1.00 1.65 2.90 SSF - 3
Julius Baer Multistock - SWISS STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value CHF % of net assets TOTAL 189 769 107 99.76% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 188 163 175 98.92% Equities 188 163 175 98.92% Switzerland 188 163 175 98.92% 548 126 ABB LTD ZUERICH / NAMEN. 11 242 064 5.91% 64 257 ACTELION LTD OPR 3 656 223 1.92% 90 878 ADECCO / ACT. NOM. 4 893 780 2.57% 82 642 ARYZTA AG/NAM. 4 388 290 2.31% 17 427 BALOISE HOLDING / NAMEN 1 600 670 0.84% 4 576 BOBST GROUP SA. PRILLY / NOM. 131 331 0.07% 12 207 BUCHER INDUSTRIES AG / NAM OPR 2 762 444 1.45% 110 542 CIE FINANCIERE RICHEMONT SA 9 235 784 4.86% 250 630 CLARIANT/NAMEN-AKT. 3 348 417 1.76% 229 243 CREDIT SUISSE GROUP / NOM. 5 742 537 3.02% 58 948 DKSH HOLDING LTD 4 580 260 2.41% 19 647 DUFRY AG BASEL 2 251 546 1.18% 4 914 FISCHER GEORG AG / NAM. 2 047 910 1.08% 5 689 GALENICA AG / NAMENAKTIE 3 379 266 1.78% 35 772 GAM HOLDING AG / NAMEN-AKT OPR 518 694 0.27% 7 812 GEBERIT AG / NAMEN-AKTIEN OPR 1 830 352 0.96% 1 041 HELVETIA HOLDING SA / NOM. 397 142 0.21% 14 696 HOLCIM LTD / NAM. 967 732 0.51% 3 778 INTERROLL HOLDING LTD / NAM. 1 465 864 0.77% 5 525 KABA HOLDING AG RUEMLANG 1 957 231 1.03% 24 989 KARDEX / NAMEN AKT. 847 127 0.45% 3 984 KOMAX HOLDING AG 372 504 0.20% 5 241 KUEHNE + NAGEL INTERNATIONAL 543 492 0.29% 13 423 KUONI REISEN HOLDING / NAM.-B- 3 996 698 2.10% 620 105 LOGITECH INTERNATIONAL SA OPR 4 036 884 2.12% 244 792 NESTLE / ACT NOM 15 164 864 7.97% 343 693 NOBEL 3 952 470 2.08% 243 573 NOVARTIS AG BASEL / NAM. 16 343 748 8.59% 10 234 PARTNERS GROUP HOLDING 2 617 346 1.38% 80 637 ROCHE HOLDING AG / GENUSSSCHEIN 18 949 694 9.95% 2 231 SIKA SA. BAAR 5 457 026 2.87% 45 474 SONOVA HOLDING AG /NOM. 4 556 495 2.40% 10 695 SULZER AG/ NAMENSAKTIEN 1 616 014 0.85% 6 036 SWISS LIFE HOLDING / NAM 927 130 0.49% 59 383 SWISS RE-NAMEN 4 174 625 2.19% 10 999 SYNGENTA AG / NAM. 4 065 230 2.14% 96 346 THE SWATCH GROUP AG / NAM. 8 574 794 4.51% 60 744 TRANSOCEAN LTD 2 761 422 1.45% 705 280 UBS AG / NAMENSAKTIEN 11 340 902 5.96% 10 799 VZ HOLDING AG 1 425 468 0.75% 245 701 WEATHERFORD 3 194 113 1.68% 16 477 ZEHNDER GROUP AG 693 682 0.36% 25 118 ZURICH INSURANCE GROUP / NAM 6 153 910 3.23% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 1 605 932 0.84% Equities 1 605 932 0.84% Switzerland 1 605 932 0.84% 43 533 JULIUS BAER GRP OPR 1 605 932 0.84% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. SSF - 4
Julius Baer Multistock - US LEADING STOCK FUND Report of the Fund Management Investment policy The Julius Baer Multistock - US LEADING STOCK FUND invests primarily in a selection of North American stocks. Preference is given to large companies that the investment adviser regards as being among the industry leaders in their field. It is suitable for risk-aware equity investors with a long-term approach, who are convinced of the medium to long-term potential of the large North American companies and who would like to use a single product to meet their investment needs in this area. Market and portfolio review The S&P 500 advanced through most of the trailing twelve-month period to 30 June 2013, setting successive new highs before peaking in late May. Equities were buoyed by the Federal Reserve s announcement of an open-ended quantitative easing program in September and rallied against a backdrop of mixed economic data and concerns about fiscal tightening. Volatility spiked in the last six weeks of the period on the first hint that the Fed may begin to withdraw stimulus later in 2013. The Julius Baer Multistock - US LEADING STOCK FUND lagged its benchmark, the S&P 500, in the reporting year. The sub-fund s emphasis on high quality industry leaders with sustainable earnings power impeded relative returns in an environment that favored smaller, lower quality and cyclical issues. Stock selection among technology and health care issues was detrimental. The overweighted and selectively focused representations in consumer staples and energy, two underperforming sectors, also impeded relative returns. Stock selection in financials was constructive, but this benefit was offset by underweighting this leading sector. The lack of exposure in telecom and utilities added value as did the growing dividend income streams of portfolio companies. If the potential withdrawal of monetary stimulus focuses investors' attention on fundamentals, the reasonably valued, financially strong companies in the sub-fund should have added appeal. The information in this report is based on historical data and is no indication of future performance. ULSF - 1
Julius Baer Multistock - US LEADING STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 126 260 434 (Cost: 91 109 009) Cash at banks 2 073 234 Receivable from brokers 118 183 Subscriptions receivable 39 938 Dividends and interest 247 084 Total Assets 128 738 873 Liabilities Payables for redemptions 2 721 383 Management fees payable 103 551 "Taxe d'abonnement" payable 11 968 Other liabilities 73 806 Total Liabilities 2 910 708 Net Assets 125 828 165 Income Income from investments 3 052 429 Income from securities lending 4 232 Total Income 3 056 661 Expenses Management fees 1 475 927 "Taxe d'abonnement" and other taxes 52 521 Other expenses* 1 099 216 Equalisation 180 308 Total Expenses 2 807 972 Net profit/loss 248 689 Realised profit/loss on: - Securities 9 837 079 - Foreign currencies 311 Equalisation -1 345 549 Net realised profit/loss 8 740 530 Net change in unrealised appreciation/ depreciation on: - Securities 1 484 155 Total profit/loss 10 224 685 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 100 184 295 160 217 325 Total profit/loss 10 112 898 10 224 685 Net subscriptions/redemptions 49 956 117-44 581 928 Dividend distributions -35 985-31 917 Net assets at the end of the financial year 160 217 325 125 828 165 * See page 17 The TER (Total Expense Ratio) amounts to 1.99% for A- shares, 1.99% for B- shares, 1.20% for C- shares and 2.75% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. ULSF - 2
Julius Baer Multistock - US LEADING STOCK FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 46 388.74 43 564.18 43 736.37 Accumulation shares (Shares B-) 163 161.86 190 396.26 169 215.87 Accumulation shares (Shares C-) 58 704.25 145 431.42 70 664.99 Accumulation shares (Shares E-) 453.71 9 335.75 8 532.99 Net Assets 100 184 295 160 217 325 125 828 165 NAV per share Distribution shares (Shares A-) 262.95 283.88 304.38 Accumulation shares (Shares B-) 387.10 419.18 450.52 Accumulation shares (Shares C-) 422.10 460.74 499.16 Accumulation shares (Shares E-) 103.06 110.77 118.17 Dividend for the previous financial year (Shares A-) 1.00 0.80 0.70 ULSF - 3
Julius Baer Multistock - US LEADING STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 126 260 434 100.34% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 126 260 434 100.34% Equities 126 260 434 100.34% United States 121 455 323 96.53% 59 450 ABBOTT LABORATORIES INC 2 073 616 1.65% 6 800 AIR PRODUCTS & CHEMICALS 622 676 0.49% 109 750 ALTRIA GROUP 3 840 152 3.05% 21 900 AMERICAN EXPRESS CO. 1 637 244 1.30% 11 150 APPLE INC 4 416 292 3.51% 28 450 AUTOMATIC DATA PROCES. 1 959 067 1.56% 9 250 BLACKROCK INC 2 375 862 1.89% 21 950 CATERPILLAR INC. 1 810 656 1.44% 55 100 CHEVRON CORPORATION 6 520 534 5.18% 176 850 COCA-COLA CO. 7 093 454 5.65% 39 000 CONOCOPHILLIPS 2 359 500 1.88% 41 700 ESTEE LAUDER COS A 2 742 609 2.18% 83 200 EXXON MOBIL CORP 7 517 120 5.98% 13 450 FRANKLIN RESOURCES INC. 1 829 469 1.45% 54 550 FREEPORT MCMORA. COPPER & GOLD 1 506 126 1.20% 20 250 GENERAL ELECTRIC CO 469 598 0.37% 22 400 IBM 4 280 864 3.40% 111 850 INTEL CORP. 2 709 007 2.15% 1 850 INTUITIVE SURGICAL INC 937 173 0.74% 59 050 JOHNSON & JOHNSON 5 070 033 4.03% 71 600 JPMORGAN CHASE & CO 3 779 764 3.00% 1 KINDER MORGAN MANAGEMENT LLC 9 0.00% 19 800 KRAFT FOODS GROUP INC 1 106 226 0.88% 45 800 MCDONALD S CORP. 4 534 200 3.60% 8 050 MCGRAW HILL COMPANIES INC 428 180 0.34% 27 400 MERCK 1 272 730 1.01% 67 650 MONDELEZ INTERNATIONAL INC WI 1 930 054 1.53% 62 150 NEWS CORP -A- 2 026 090 1.61% 45 800 OCCIDENTAL PETROLEUM CORP 4 086 734 3.25% 37 900 ORACLE CORP 1 164 288 0.93% 34 300 PEPSICO INC 2 805 397 2.23% 106 950 PHILIP MORRIS INT. 9 264 008 7.37% 16 900 PHILLIPS 66 - SHS WHEN ISSUED 995 579 0.79% 20 050 PRAXAIR 2 308 958 1.84% 59 550 PROCTER & GAMBLE CO. 4 584 754 3.64% 24 750 QUALCOMM INC. 1 511 730 1.20% 46 950 TARGET CORP 3 232 977 2.57% 62 000 TEXAS INSTRUMENTS INC 2 161 940 1.72% 16 650 TIME WARNER CABLE 1 872 792 1.49% 23 600 UNITED TECHNOLOGIES CORP 2 193 384 1.74% 33 700 WALGREEN CO. OPA 1 489 540 1.18% 36 650 WAL-MART STORES INC 2 730 058 2.17% 32 050 WALT DISNEY / DISNEY SER. 2 023 958 1.61% 30 900 WHOLE FOODS MARKET INC. 1 590 732 1.26% 14 900 XILINX INC. 590 189 0.47% Canada 4 805 111 3.81% 47 750 CANADIAN NATURAL RESOUR. 1 349 415 1.07% 7 300 CANADIAN PACIFIC RAILW. 886 074 0.70% 67 250 IMPERIAL OIL LTD 2 569 622 2.04% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. ULSF - 4
Julius Baer Multistock - US VALUE STOCK FUND Report of the Fund Management Investment policy The Julius Baer Multistock - US VALUE STOCK FUND implements a value-based approach, investing primarily in stocks issued on US stock exchange the investment adviser regards as good value in terms of fundamental valuation criteria (price-to-book, price-earnings, price-cash flow, pricesales, etc.). The Julius Baer Multistock - US VALUE STOCK FUND is suitable for risk-aware equity investors with a long-term approach, who are convinced of the long-term economic potential of the USA and who would like to invest in a portfolio which is composed applying a "value-approach". Market and portfolio review In the last fiscal year (1 July 2012 to 30 June 2013) the US equity market (MSCI USA) generated a return of 19.8%. The financial sector turned in the top performance (+32.5%). Also recording above-average returns were the consumer cyclical sector (+31.7%), healthcare (+27.3%) and industrials (+22.1%). Utilities (+5.7%) and the IT sector (+7.1%) brought up the rear. The Julius Baer Multistock - US VALUE STOCK FUND generated a return of 15.1% for the fiscal year. Approximately 80% of the underperformance against the benchmark was attributable to stock selection, while the sector weighting was responsible for around 20% of the negative impact. Here, in particular, the overweighting of the IT sector and the slight underweighting of the financial sector were not rewarded. Stock selection made a negative contribution, particular in the consumer cyclical (Dollar Tree, Time Warner Cable, Wyndham Worldwide), healthcare (Baxter, Express Scripts, UnitedHealth, Amgen) and consumer staples (Philip Morris, Reynolds American, PepsiCo, Coca-Cola). Stock selection in the commodities, IT and financial sectors made a positive contribution to performance, but within the IT sector a few stocks, such as Oracle, IBM and Apple, disappointed again and again, which had a negative impact on performance. The information in this report is based on historical data and is no indication of future performance. UVSF - 1
Julius Baer Multistock - US VALUE STOCK FUND STATEMENT OF NET ASSETS as at 30 June 2013 PROFIT AND LOSS ACCOUNT from 1 July 2012 until 30 June 2013 Assets Investments at market value 41 620 738 (Cost: 31 967 327) Cash at banks 1 463 262 Subscriptions receivable 20 238 Dividends and interest 41 426 Other receivables 148 Total Assets 43 145 812 Liabilities Payables for redemptions 5 992 Management fees payable 32 738 "Taxe d'abonnement" payable 3 937 Other liabilities 19 962 Total Liabilities 62 629 Net Assets 43 083 183 Income Income from investments 583 941 Income from securities lending 227 Other income 91 008 Equalisation 15 561 Total Income 690 737 Expenses Management fees 407 343 "Taxe d'abonnement" and other taxes 16 036 Bank interest 27 Other expenses* 245 111 Total Expenses 668 517 Net profit/loss 22 220 Realised profit/loss on: - Securities 4 353 411 - Forward foreign exchange contracts 709 - Foreign currencies 1 424 Equalisation 134 959 Net realised profit/loss 4 512 723 Net change in unrealised appreciation/ depreciation on: - Securities 1 158 032 Total profit/loss 5 670 755 STATEMENT OF CHANGES IN NET ASSETS 30 June 2012 30 June 2013 Net assets at the beginning of the financial year 65 314 963 38 795 036 Total profit/loss -3 284 516 5 670 755 Net subscriptions/redemptions -23 216 508-1 365 823 Dividend distributions -18 903-16 785 Net assets at the end of the financial year 38 795 036 43 083 183 * See page 17 The TER (Total Expense Ratio) amounts to 1.89% for A- shares, 1.90% for B- shares, 1.10% for C- shares and 2.63% for E- shares. (TER is calculated in accordance with the relevant "SFA Guidelines on the Calculation and Disclosure of the TER and PTR"). The accompanying notes form an integral part of the financial statements. UVSF - 2
Julius Baer Multistock - US VALUE STOCK FUND COMPARATIVE STATEMENT 30 June 2011 30 June 2012 30 June 2013 Number of shares outstanding Distribution shares (Shares A-) 54 383.22 44 782.18 47 161.69 Accumulation shares (Shares B-) 216 783.98 183 400.73 155 046.59 Accumulation shares (Shares C-) 203 932.40 67 741.15 81 429.03 Accumulation shares (Shares E-) 2 918.75 2 728.01 1 845.28 Net Assets 65 314 963 38 795 036 43 083 183 NAV per share Distribution shares (Shares A-) 121.75 118.31 135.77 Accumulation shares (Shares B-) 130.45 127.32 146.58 Accumulation shares (Shares C-) 147.40 145.02 168.30 Accumulation shares (Shares E-) 121.58 117.78 134.59 Dividend for the previous financial year (Shares A-) 0.60 0.50 0.40 UVSF - 3
Julius Baer Multistock - US VALUE STOCK FUND SECURITIES PORTFOLIO AS AT 30 JUNE 2013 Number/ Nominal value (in 1000) Securities Market value % of net assets Number/ Nominal value (in 1000) Securities Market value % of net assets TOTAL 41 620 738 96.61% TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE 39 379 731 91.42% Equities 39 379 731 91.42% United States 37 970 710 88.15% 12 700 ABBVIE INC 525 018 1.22% 4 000 AIG 178 800 0.42% 7 300 ALTRIA GROUP 255 427 0.59% 6 470 AMERICAN EXPRESS CO. 483 697 1.12% 4 400 AMGEN INC. 434 104 1.01% 1 590 ANADARKO PETROL. CORP. 136 629 0.32% 4 000 APACHE CORP. 335 320 0.78% 2 550 APPLE INC 1 010 004 2.34% 12 300 AT & T 435 420 1.01% 61 500 BANK OF AMERICA CORP 790 890 1.84% 10 000 BEST BUY CO INC. 273 300 0.63% 9 400 BRISTOL MYERS SQUIBB CO 420 086 0.98% 4 000 CELGENE CORP. 467 640 1.09% 5 700 CHEVRON CORPORATION 674 538 1.57% 26 260 CISCO SYSTEMS INC. 638 381 1.48% 16 273 CITIGROUP INC 780 616 1.81% 14 400 COCA-COLA CO. 577 584 1.34% 4 200 COLGATE-PALMOLIVE CO. 240 618 0.56% 12 600 COMCAST CORP / -A- 527 688 1.22% 3 600 CONTINENTAL RESOURCES INC 309 816 0.72% 5 200 DISCOVER FIN SVC 247 728 0.57% 7 000 DOLLAR TREE INC 355 880 0.83% 3 300 DOW CHEMICAL CO. 106 161 0.25% 4 000 DU PONT DE NEM. & CO 210 000 0.49% 22 200 EBAY INC 1 148 184 2.67% 2 200 EXPRESS SCRIPTS HOLDING CO 135 718 0.32% 12 800 EXXON MOBIL CORP 1 156 480 2.68% 4 000 FEDEX CORP. 394 320 0.92% 15 600 FIFTH THIRD BANCORP 281 580 0.65% 9 650 FORD MOTOR CO 149 286 0.35% 29 500 GENERAL ELECTRIC CO 684 105 1.59% 8 600 GILEAD SCIENCES INC. 440 406 1.02% 2 550 GOLDMAN SACHS GROUP INC. 385 688 0.90% 1 050 GOOGLE INC A 924 388 2.15% 1 500 GRAINGER INC. WW 378 270 0.88% 6 600 HARTFORD FIN. SERV. GROUP 204 072 0.47% 23 000 HEWLETT-PACKARD CO. 570 400 1.32% 4 600 IBM 879 106 2.04% 14 800 INTEL CORP. 358 456 0.83% 11 030 JOHNSON & JOHNSON 947 036 2.20% 18 140 JPMORGAN CHASE & CO 957 611 2.22% 7 000 LILLY (ELI) & CO 343 840 0.80% 8 500 LINCOLN NATIONAL CORP. 309 995 0.72% 11 000 LKQ 283 250 0.66% 4 600 MARATHON PETROLEUM CORP 326 876 0.76% 1 300 MASTERCARD INC. SHS-A- 746 850 1.73% 3 000 MCDONALD S CORP. 297 000 0.69% 9 500 MERCK 441 275 1.02% 8 270 METLIFE INC 378 435 0.88% 20 800 MICROSOFT CORP 718 224 1.67% 12 000 MORGAN STANLEY 293 160 0.68% 40 000 MUELLER WATER PRODUCTS INC -A- 276 400 0.64% 25 300 NEWS CORP -A- 824 780 1.91% 5 500 OCCIDENTAL PETROLEUM CORP 490 765 1.14% 35 000 OFFICE DEPOT INC 135 450 0.31% 45 580 ORACLE CORP 1 400 218 3.25% 26 790 PFIZER INC. 750 388 1.74% 10 410 PHILIP MORRIS INT. 901 714 2.09% 5 700 PHILLIPS 66 - SHS WHEN ISSUED 335 787 0.78% 500 PRICELINE COM INC 413 565 0.96% 9 300 PROCTER & GAMBLE CO. 716 007 1.66% 4 900 PRUDENTIAL FINANCIAL INC 357 847 0.83% 7 100 REYNOLDS AMERICAN INC 343 427 0.80% 4 000 ROPER INDUSTRIES 496 880 1.15% 5 000 STANLEY BLACK & DECKER INC 386 500 0.90% 6 200 STARBUCKS CORP. 406 038 0.94% 4 400 TIME WARNER 254 408 0.59% 10 000 TOLL BROTHERS 326 300 0.76% 3 500 UNION PACIFIC CORP. 539 980 1.25% 2 900 UNITED TECHNOLOGIES CORP 269 526 0.63% 5 500 US BANCORP 198 825 0.46% 8 000 VERIZON COMMUNICATIONS INC 402 720 0.93% 4 600 VISA INC -A 840 650 1.95% 4 600 WAL-MART STORES INC 342 654 0.80% 8 700 WALT DISNEY / DISNEY SER. 549 405 1.28% 20 150 WELLS FARGO & CO 831 590 1.93% 11 000 WYNDHAM WORLDWIDE CORP 629 530 1.46% Canada 655 093 1.52% 145 000 AIR CANADA -B- 331 248 0.77% 73 000 BOMBARDIER INC -B- 323 845 0.75% Ireland 302 726 0.70% 4 600 EATON CORPORATION PUBLIC LTD 302 726 0.70% Israel 272 300 0.63% 10 000 CAESARSTONE SDOT-YAM LTD 272 300 0.63% Netherlands 178 902 0.42% 2 700 LYONDELLBASELL IND NV -A- 178 902 0.42% TRANSFERABLE SECURITIES LISTED ON ANOTHER REGULATED MARKET 868 0.00% Equities 868 0.00% United States 868 0.00% 965 000 NUVIM INC 868 0.00% UNLISTED SECURITIES 0 0.00% Equities 0 0.00% United States 0 0.00% 2 662 250 MATECH CORP -A- REST 0 0.00% INVESTMENT FUNDS 2 240 139 5.19% United States 2 240 139 5.19% 14 000 SPDR S&P500 ETF TRUST S.1 2 240 139 5.19% The statement of changes in investments is available free of charge from the national paying agents and the representative in Switzerland. Any inconsistencies in the net asset percentages are the result of rounding differences. UVSF - 4
Addresses Registered office of the Company Julius Baer Multistock 69, Route d'esch L - 1470 Luxembourg Management Company Swiss & Global Asset Management (Luxembourg) S.A. 25, Grand- Rue L - 1661 Luxembourg Tel. (+352) 26 48 44 1 Fax (+352) 26 48 44 44 Representative in Switzerland Swiss & Global Asset Management AG Hardstraße 201 P.O. Box CH - 8037 Zurich Tel. (+41) (0) 58 426 60 60 Fax (+41) (0) 58 426 61 00 Custodian, Administrator, Principal Paying Agent and Domiciliary Agent, Registrar and Transfer Agent RBC Investor Services Bank S.A. (until 27 July 2012: RBC Dexia Investor Services Bank S.A.) 14, Porte de France L - 4360 Esch-sur-Alzette (until 28 July 2013) Tel. (+352) 26 05 1 Fax (+352) 24 60 95 00 State Street Bank Luxembourg S.A. 49, Avenue J.F. Kennedy L-1855 Luxembourg (since 29 July 2013) Tel. (+352) 46 40 10 1 Fax (+352) 46 36 31 Auditor PricewaterhouseCoopers, Société coopérative 400, Route d'esch L - 1471 Luxembourg Tel. (+352) 49 48 48 1 Fax (+352) 49 48 48 29 00 Legal Adviser Linklaters LLP 35, Avenue John F. Kennedy L - 1855 Luxembourg Tel. (+352) 26 08 1 Fax (+352) 26 08 88 88